I would love to have a classic racer! Or any old banger to love up.
My dad's got a nameless old "hybrid" (that's what they'd call it nowadays) in his shed he's never used, dunno where he got it from, keeps promising it but never delivers.
I really love my old Dawes! Sure the paintwork is a bit long in the tooth, but it's still extremely comfortable and has no trouble on the club runs keeping up with the more modern bikes. The only slight downside is shifting can be a bit scary at high speeds, and you have less gears, but that can easily be upgraded to more modern STI components.
I'd recommend a good quality Reynolds steel frame - They make a nice project to build up.