I remember these. Ride was solid but not harsh, and tracked fairly well. I had a similar ride in a Quintana Roo Private Reserve.
BITD, these were all the rage. Now, 650c early tri bikes are a tough sell. Seems the triathletes have moved to road geometry and 700c for the most part.
Couple weeks ago, I was at a swap where someone rolled in a Serotta Colorado Tri 650 to sell. Story was, friend had loaned it to him so he could see whether or not he wanted to buy it, and if not, sell it for him at the swap. The friend price was $200, so he wanted to see if he could get more than that or what it was really worth.
I explained that the allure of these bikes remains mostly with collectors and those nostalgic for them. As a rider, if you're OK with tri geometry and 650c wheels, no problem. Otherwise, yeah, you might want something else. He was still trying to get offers when I left, and I don't think he was successful.
As for whether or not you should refurb, same thing I told him. If you're OK with tri geometry and 650c, go for it! It does get to be a little more expensive, tho, and the selection of tires especially is slim compared to 700c. If you can live with that, they are fun to ride.