As promised, I created a detailed set of pictures with all the components in closeup. Hopefully this will allow you experts to recommend yay or nay to whether I should try to restore this old piece of iron. Thanks for all the help and comments. RJ
http://www.flickr.com/photos/5413871...7624902303221/
ps.
Would I be better off buying a newer hard tail mtb without all the rust and swapping the fork for a rigid fork, everything else being equal in terms of getting mtb components and a steel frame/fork and shimano components and good wheels?