It all depends on what you want. I wouldn't choose to restore the bike to pristine condition. But it would be a good base for a beater, and a good bike to practice your mechanics skills on.
If you have a local bike co-op or used bike "recycler", then you should be able to snag either a Drive Side crank, or a set of cranks for about $10, and a set of matching set of pedals (I probably would throw away your right pedal, unless you spend some time to pick all the aluminum out of the threads, and still it may not be safe to use with the new crank).
Check, Clean, and Repack the bottom bracket when you have the cranks off.
The rest of the bike should be more or less serviceable. It can take a bit of time to clean and repack all bearings, but generally isn't expensive unless you have to replace a bunch of parts. I have been known to straighten bent axles.
