Well, I ended up buying the bike. I got it for $50! It does need some major cleaning and I will probably be taking the bike apart to look at everything. I'm already thinking of handle bar tap colors and matching the bottle cages. hahaha. I'm not even a girly-girl! hahaha.

So how would I treat the bike for rust - since I am taking it all apart? Popoki Nui, you mentioned it was cheap and easy?

There are some surface rust spots and spots where paint is missing. My friend who is helping says he has some ideas on how to deal with those things and that red is easy to match (for touch-up paint). He has restored bikes and cars, so I'm assuming he knows what he's talking about.

I am a grad student, so I am swamped with homework right now, so I probably won't be able to start working on the bike until after Nov. 1st. Perhaps I'll post some "before" pictures, so everyone can see!