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Speaking of tires it's a good idea to take a good look at them. Old neglected bikes often have old neglected and rotting tires that can fail at a bad time. It's not just what they look like. Check the date codes. I'm generous and I'd go with five years, but when you get to ten it's starting to get too old.Of course I try to spend the minimum until I know a project bike like this is worth spending the $$$ on. Seems like you have this one going so the fixing and spending can begin.
Speaking of tires it's a good idea to take a good look at them. Old neglected bikes often have old neglected and rotting tires that can fail at a bad time. It's not just what they look like. Check the date codes. I'm generous and I'd go with five years, but when you get to ten it's starting to get too old.
Of course I try to spend the minimum until I know a project bike like this is worth spending the $$$ on. Seems like you have this one going so the fixing and spending can begin.