First repair complete: rewrapped the existing bar tape to cover the unsightly gap at the bend, and to uncover the center section of the handlebars:
Also trued the wheels and tuned the brakes a bit. Rode around the neighborhood a few times; maybe 1 mile worth.
So total outlay:
$75 bike
.25 electrical tape
for a total of $75.25.
Mileage: 1!
On my way!