Rusty chrome and chipped up paint = $500 frameset, tops. The chrome might clean up okay, but if I shelled out $700 for a frameset and found pitted chrome, you'd be getting it returned to you.
Parts might net you another $100+/-.
It's a good, desirable frameset, with a dedicated following.
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My bikes: '81 Trek 957, '83 Trek 720, '85 Trek 500, '85 Trek 770, '81 Merckx, '85 Centurion Cinelli, '85 Raleigh Portage, '92 RB-2, '09 Bianchi