Good score. Clean it up and be careful not to put more into it than what it's worth. I would install a front fender, chain guard, rear kick stand and new tires. I recovered my seat for less than $20. Find a scrap leather shop. Look forward good deals and make offers. The rim should clean up nice. Like most I use lacquer thinner to remove the old paint, 0000 steel wool, WD40 and tons of elbow grease. I have a good quality wire wheel and buffer on my bench grinder. Another option would be to just wash and ride.