Fixing up an old bike?

My mom has a 1980 Schwinn (something) road bike that is very heavy but very awesome. The chain, derailleurs, everything is completely rusted. I'd love to make this my little pet project over the next few years but I have entirely no idea where to start! Is it hopeless?

Chain and derailleurs are easy to replace. But you first need to see that things like the stem and seatpost and bottom bracket aren't hopelessly rusted in place. All the grease in this 1980s Schwinn will need replacing, including the wheel bearings, bottom bracket, and headset.

Thanks for the pointers deb. The stem looks to need replacing but the seatpost and bb look good. All of the cables, chain, derailleurs, etc are TOAST, however.

Cool! I had a yellow Schwinn Varsity I just loved! That bike weighed a ton, but was my best friend for a lot of years.