It's in
far better condition than was my bike before I rebuilt it. As others have said, make a project out of it and learn as you go. The following are a few tips that I picked up while doing my bike:
Replace any rusted machine screws (ie, bolts) with stainless steel ones. You'll need to measure the existing ones and order SS replacements from
Ebay. (Goodness knows why bike manufacturers haven't adopted SS machine screws as a standard.)
Many places on a bicycle require high tensile bolts and stainless cannot be hi-ten and vice versa. Examples are saddle clamp bolts, stem bolts, seatpost clamp bolts, brake disc bolts, crank pinch bolts. That's all that comes to mind right now. Hi-ten is spec'd for a few reasons:
1) Users always over tighten their bolts and damage from overtightening doesn't show up immediately but whilst you're riding. I can convince you.....Imagine a stem bolt failing.
2) Many bolts are under large cyclical stresses, for instance saddle clamp and stem bolts. Given the wrong steel, they will eventually fail from stress cracks developing in the thread of the bolt.
Having said that, I'm with you on the stainless screw thing. I can't stand rusty chainring bolts, headset prelod bolts etc and have replaced where I can with stainless. The trick with stainless is to carefully torque them to spec and ruthlessly replace them from time to time.
On the other hand, the weight weenie trend has seen a large aftermarket for replacement bolts made from aluminium and titanium. Both these materials are weaker than steel but in many cases, titanium is fine. For instance, as a derailer pulley bolt, a disc brake bolt of even as a stem bolt if there are four of them.
Alumimium is just rubbish for the job, I can't think of a single legit application for such bolts.