Still trying to figure out what 'sucks' about any of this- sounds like a fun and challenging adventure!
Lots of members here have fixed up old steel road bikes. At worst it's a good learning experience that'll cost a bit if you make mistakes. At best it's a rewarding way to wind up with a second bike and will give a fine old bike a second life.
I would suggest looking for a steel road bike that only needs some minor work like new chain, tires, brake pads and cables- there are many great steel bikes out there at reasonable prices, because so many were made during the big bike craze a while back.