Yea you paid to much. Depending on the time you have and your inclination, I'd suggest completely disassembling the bike and cleaning up all the components and do your research on on each part. Then you can look them up on eBay and do the math that might offset your "loss". The frame can be stripped, soaked and sanded to to determine weather its safe enough to ride. If yes , get it powder coated for $100. If not take that $100 and shop for a frame, as you already have a start on components.