My first road bike in 1971! I think that's a big project to chew on. At least you started with a freebie.
It doesn't seem that rear wheel will work in stock form. And you're missing so many components.
In my opinion, you could spend $150 to end up with a $50 bike.
That bicycling garage sale I visited a couple weeks back would've done the trick for you.
But those are few and far between. Good luck, pal.