I have a Brooks honey saddle on order, and I'd like to do up the handlebars in matching leather wrap. Eventually, I'd like to add fenders and a back rack to make it more of a touring bike. I've been having a great time with it, it's my first road bike, and very comfortable. I'm so excited to have a steel road bike for so little money, and I would never have even looked at it if I hadn't seen this thread.

Thanks everyone for the tips on cleaning and de-rusting.