I am looking to get into road cycling and luckily (I think), a family friend has an older road bike he said I could have which would help me decide whether I'd want to pursue this further. I will say, that although it is a road bike, I haven't a clue of brands/specs yet, but this will be more to get me on the road and to see whether this develops into a hobby before I look at buying a road bike.
I'm 169cm with an inside leg of 80cm.
As
@Cycleops has said: size matters. But saying that, riding this would allow you to consider whether more cycling is for you and you'd be better informed when you either buy another bike or decide not to pursue the cycling thing.
Please accept that this sizing estimate is 'at a distance' and with only the images above with no tube measurements.
I think you'll find that the frame is a bit too big for you. It'll be OK leg wise (32" inside leg) but at 1.69m that means you may find the bars a stretch to reach (you may be supple enough though). The stem is already quite short (?70mm) so there's no room for adjustment (shorter) there. But for a 'ride and see' option it would work.
Ideally get someone who knows what they're talking about to have a look at you on the bike. But in the meantime, to help us give you a more informed view, please measure in mm the seat tube (measured centre of bottom bracket to top of top tube/seat tube junction) and the top tube (measured centre of top tube/seat tube junction to centre of top tube/head tube junction).
Key with this 'see if I like it' approach is
to minimise expenditure commensurate with safety. Examine the tyres. I've already shared that they look almost new (NOS?). Manipulating them, do cracks appear? If not likely safe to ride. Recognise that 7/8 = 22mm = narrow and so less comfortable than wider tyres (eg 630-32 if you have clearance). And if the tubes are holding air then likewise - but carry a spare (20-25 - 622) and levers and pump (presta valve). To address the braking:
1) Clean and then emery paper on the braking surfaces of the rims
2) Very early on (ie after some 'round the block'or 'test' rides) replace the brake blocks with some cheap new blocks eg
these. They are not 'period correct' but will give you much better braking (and, yes, brake shoes and Salmons would be better but £25 as opposed to £8).
Hope all that helps.