I recently got ahold of a mid 80's schwinn sprint. I plan on stripping it down to bare metal and running the bike through a full nitride process. This is the ultimate in corrosion resistance and luckily I can get it done for really cheap. Flat black with reprinted white graphics. I just purchased a set of 7 speed indexed bar end shifters to go in the ends of my newly purchased bullhorn bar that i'll wrap in white.
I also plan on attempting to refinish the rear and front derailler (actually all of the chrome) in a "black chrome" look which involves dipping the metal after polishing in a couple solutions. Should be a nice commuter when I get done.
Right now the trouble is finding a set of 27 inch wheels that are black. Although I guess I could always convert to 700c...
This is going to end up costing me too much money I think.