I think it'll clean up nicely. I've got a chain and cassette I can use for it already. Need to order a brake/gears wiring kit and then degrease/clean/polish/touch up.
I had a brief ride down my street on it, feels compact (I'd just been out on my new 29er) and solid and could be a lot of fun. I've ordered some Michelin Country Rock tyres which will help it roll and steer a bit better and suit the cyclocross vibe I'm after if I do decide to use drops.
Could be put into rotation as a commuter...