Downward said:
Life of the party, me.
When I was growing up in the West Mids (or Staffs, as we called it), there were two commonly admired characteristics: calling a spade a spade and thrift. It was not considered smart to "throw good money after bad."
These, which I've retained, can be applied in this case.
Here's what I'd do (though please yourself, I only offer my opinion):
Take that thing to the scrap yard and see what you can get for it. It's molecules will be far happier rearranged into a more dignified lump of dross.
Add those pennies to a small sum and see if you can't pick up an old Peugeot or Gitane, road bike, circa 1970-75, in good nick. There are thousands here in Canada ... I helped sell hundreds of them.
Now there's a cheap production bike worth restoring and many people do so. I often see nicely-restored specimens around town.
Hell, why not find an old Raleigh or other more classy British bike. I envy you being able to scour the papers for classic English marques. Are there many around at a reasonable price?