Thanks for the welcome guys,
hopefully I filled my boots with buying shiny bits when I was young, free and single. Now it's a case of make do and mend, though my rear rim is looking VERY dodgy, a couple of spider fractures around two of the spokes looks like I could be needing a re-lace sometime.
Luckily the races all seem OK just new bearings needed, though I've yet to look at the headset bearings but they feel a-OK anyway. Hopefully when the silicon spray has soaked into the derailleurs they'll be shifting well too, just got to soak the chain in paraffin and that should be fine as well. There is a lot of finger crossing going on mind.
The worst looking bits are the patches of surface rust on the frame, mainly on the chainstay and under the BB where the paint has worn away. But while looking for replacement Pace elastomers I found they now do carbon fibre patches so I've ordered a set along with the elastomers.
Restoring the bike is straight forward, it's the old legs, lungs and heart which really need a recondition!