December 2012 Update
Done... I hate cabling.
Picked this up late May from the second-owner from new. It's been used as a commuter for most of it's life, hence the slicks and jaunty mudguards:
The good news is it's a great fit size wise, which makes a nice change. Love the wide risers, plus it's seen a bit of action, so no need to be precious about getting it scratched. Parts wise, seems mostly original bar the seat, grips and tyres. Only possible bad points are a tired rear mech, and the rusty bars.
Really like that a lot of the parts are stamped with 'Specialized' - headset locking ring, stem, Bottom bracket, seat clamp, and hubs.
So after a strip, degrease and a set of suitable amberwalls and we're heading in the right direction.
The rusty steel bars were never going to polish up nice, so repainting them seemed like a reasonably cheap way forward:
Turned out OK, and Ford radiant red is a pretty close match to the original paint.
Treated the worst of the rusty bits on the frame with Kurust and touched up the paint chips, then polished the stem and popped the bars on.
So that's how it sits at the moment - not a lot left to do. Need to think about some suitable grips, degrease the rest of the kit, new cables and outers and away we go...