I recently scored a free 1974 Deelite Apollo 10 speed. As far as I can tell, it has all original parts, but most of the stickers have faded out and there are a few places where the paint has failed completely on the tubes.
As a project bike, would you consider stripping and painting the frame, or simply replace what needs done (tires, bar tape) and ride it as is?
👆This. It’s not going to affect this particular bike’s value too much in either direction. If you think the paint prep is worth the effort then go for it!
From a practical standpoint, you might want to consider at least cleaning up any exposed steel and applying a little clear coat.
For sure, I’ve already started scrubbing the rust away from the chrome using aluminum foil and I’m genuinely impressed by how well that works. The rims and fenders were badly peppered with rust and now look almost new.