Think it deserves an oily rag resto, could make a nice pub bike, or something to leave locked in town with no worries.
Agree with comment about the forks, looks like a frontal to me.
Yes I was thinking making it useable rather than restore, I've been told its the angle of the photograph as the forks are straight. I'm going to collect the bike on Monday so will hopefully be able to report back with an update.