I think I see 24" x 2.125" on the tires. That's a child's bike. Are you relatively small, and do you want to ride the bike yourself?
It's sounds like you're sentimental about this old bike. It is possible to make it ride-able, but up front you should know how much work it will be, how much it can cost, and it will probably have no monetary value in the end. But if it's OK with you, then it's OK.
First realize that even a perfect restoration of a good bicycle is worth less than a well-preserved original. A good restoration of a poor original is worth considerably less. And a poorly or un-authentically restored bicycle may be worth almost nothing.
Because the bike was bead blasted, you have to completely disassemble and clean every part of it. And I don't just mean removing and externally washing parts like pedals and such, I mean every bit and piece of every component has to be disassembled and cleaned with solvent, rinsed with detergent, then assessed and rebuilt. That abrasive glass is now EVERYWHERE, in every moving part. You have to rebuild every nut, screw, washer, and ball bearing of the entire bike.
Spray painting everything might make the bike visually attractive to you. But restoring the bike's original appearance is something else. Hundreds of parts should be chrome plated, galvanized, cadmium plated, or get other surface treatments. That could cost a thousand dollars if you could even find someone to do it. And I've never even heard of anyone re-chroming spoke nipples, re-galvanizing spokes, or re-blackening a chain (which incidentally is only worth a few dollars as a new replacement). The original paint scheme was probably a two-tone design, and doing your own paint masking and striping is tricky. There were doubtless also many decals or transfers, which you could possibly find as reproductions--but again are expensive.
In the end it would make MUCH MUCH more sense to just buy a nicer, original bicycle. I'm VERY SERIOUS about that. If you do this it's because you want the project, not because of the end result. But don't let me spoil your fun!