Thinking about this. It really depends on your goals.
If you're wanting a basic steel commuter bike, there are some really good bikes from the mid 80's which would be worth looking at.
If, on the other hand, you're specific of wanting:
- Steel,
- Mid 70's
- Non Japanese
- Project Bike
- Not full of Japanese components
- Not a Trek
Then this would hit most of those.
It is a bit on the smallish side. But, it depends on how much bar drop you like.
If you are looking for quality road bikes in the sub $300 range, they'll all have issues of one sort or another. From repaints to mixed parts. And most will be at least 10 to 20 years newer than that one, for better or worse.