I take your point about values @nonowt but there is a certain pride and satisfaction in restoring an old bike back to its former glory regardless of the ultimate cost. Anyway it's the OPs call, he'll know what he wants.
I was hoping nobody was going to post a link to spokesmann's bike, the OP might just go out and shoot himself after viewing!
Please keep us up to date on your progress Glenn.
Agree, it's totally the OPs call. And about the satisfaction of restoring a old bike - it's very rewarding. That's why I included the Spokesmann link just to show how stunning these lower-end bikes can look when shown some TLC. I was more trying to caution against rushing into spending £100+ on paint before being living with the bike for a while and being sure that it is definitely a keeper. After 6 months - if it is a keeper - you might grow to love the scratches and the chips because they're part of the character of the bike but if not - get it to the painters!