Restore is a big deal, a couple hundred and a lot of elbow grease is as far as you need to go. There are pristine examples out there already trying to get there for a sale is fruitless.Give it a good service see where you can go with the paint. If it were my childhood bike Iwould want it in riding condition all the scars would be like memories you can see and feel. If you want to sell it get it rolling and sell as is. That bike is less common the a stingray but worth about 1/3 the price.
Since I'm in agreement with my buds here, I'll go ahead and throw in my 2 cents! =D But with how wordy I tend to be it may be more like a nickle.
As is implied above, unless you're really in love with this bike, it has strong sentimental value, and/or you want to keep it forever and ever Amen, restoration is not an option. A great debate in auto restorations is how much can you replace before it's no longer the same car. I think by the time you were done with this one it would no longer be the same bike.
I see bikes like this as great learning tools. It's rough enough that you really can't make it worse. Only two painted parts: frame & fork. Get some aircraft stripper and go to bare metal. Try your hand at repainting it. You can't lose. The money and effort go towards your education.
After that, tackle the moving parts and make it rideable. Don't sweat the chrome (or lack thereof), just see if you can get it going. Then if you decide to keep it you can be patient and grab up some of the plated parts here and there when you find a deal. Or not! Just ride it as is.
As long as you keep in mind you're doing it to learn and not to make it worth more than it is now it will be worth the effort.
Clean it up and see what you have. There are plenty of postings around here about how to get the rust off of chrome. Maybe there's some left? You wont know until you tear it down and clean it up. Similarly there are gobs of posts around here detailing methods of removing "house paint" from old balooners. You could do similar to your frame and fork and see if the old paint and decals are still somewhat intact under there. If not, stripping and repainting is always an option. All the bearings will need to be torn down and greased, and maybe a few things replaced.
If you are going to sell it though, leave it alone and sell it at it's current value, whatever that is. You will be money ahead.
thank you everyone for you input. It's got 5 gears on the black shifter, and the red one is for what my dad always called the emergency brake but it was just for the second rear brakes if i remeber right, but damn, they did grab and stop quick back in the day. Again, thanks to everyone for input. give me something to think about. I live in apt and my last bike somone grabbed in middle of night.. took my cheap walmart mountain bike, and left this tiny bmx style bike in its place. Anyway, thats another story