Yep good buy that! Hopefully the paint is still good enough to clean up well and new decals should finish it off a treat. All the good parts are pretty much there as well, crucially the Araya RM400 wheels which are tricky to find..
I bought one a few years back in a similar state and ended up with this - I'm still missing it a bit 9 years or so later (plenty of other bikes have been able to occupy me though!)