If your intending to use it Blower I'd say it doesn't ned much work at all, its looks pretty much original spec. You could tart it up with some Hope ti-glide wheels and maybe a nice square taper chainset like a scuffed but useable M900's that crop up for around £25 - £30.
I like it.
They were decent reliable bikes.
I'd do what the others have said too. Give it a really good clean.
As well as a chainset, I'd have a look about for some silver bar ends and may be treat it to a new seat.
Oh and a pair of Handlebar plugs would finish it off.
Then hit the hills on it.