Thanks for the interest folks.
I stripped the bike down tonight with my young lad (all bar headset & BB). Feeling quite positive about the job now.
I think it could do with front mech, grips, pedals, and cables. Oh, and tyres.
The frame needs a good clean up, and I can see where the original owner (who obviously loved the bike) has touched up chips and scratches using white and sky blue paint. They have done a decent job as you really have to look for them. Once its cleaned I will do the same.
BTW, what is the score with changing the rear brake cable as its routed through the top tube? I didn't dare take it out.
.