It will probably cost me more than it's worth, but I'm of the opinion that it's not worth very much. It's more that I'd like to make a nice looking bike but make sure that it rides at least ok - enough to be enjoyable in the hills, though it's never likely to be quick.
but if it costs me too much (more than $3-400) to make it decent, then I'll probably convert it into a fixie instead.
It's probably worth stripping and cleaning it to actually see what you have under there. I bought my bike from the BfR 'garage sale' and am almost ready to have it stripped so I can repaint it.
sure, i've spent the cost of a new roadie from torpedo on it, but it's going to have the same character as the original, just more speeds on the cassette.