What a great bike find. That will make a nice leisurely restoration project for you. If I had rescued it from the hands of the Philistine who was chucking it away, I would think that as I got the bike for nothing, I would refurbish it at absolute minimum cost. I think that many hours of cleaning, some sort of washer arrangement for the seat post clamp would have the bike looking good. I guess that the tyres are probably shot, so an e-bay search for some good looking gumwalls will be necessary. I think I'd even try to rescue the chain by various soakings and boilings in all sorts of different concoctions. I would splash out on a suitably coloured Tressostar bar tape to replace that nasty pink stuff though.
Thanks. Yes I will deffo be replacing the bar tape. My plan of attack (so far) is:-
1. Give it a good clean just as it is to see what I'm dealing with paint-wise.
2. Get an appropriately size seat pin and saddle and fix the pinch bolt area.
3. Strip the parts off the frame and clean them all up as much as poss.
4. Regrease, headset, BB, and hubs if I can get into them. Maybe replace BB with sealed unit if original is no good.
5. I'm keen to keep the patina of the frame so I'm thinking I need to take off any loose paint, treat the bare metal with something and then clear lacquer the whole thing.
6. Put all the cleaned parts back on. Replace cables and outers, tubes and tyres, and that bar tape.
7. Over time I can look to try and 'align' the parts with each other. So get a campy front mech and make the brakes match.
Anything missing from the above? Or any steps in the wrong order?
It certainly will be leisurely project. I've two young kids to take up my spare time. This is also my first project, so I'm going to have to get a few tools together also. Any donations welcome!