Also, as noted earlier by Carge, the bottom bracket is a (sealed bearing by the look of it) Tioga one, whereas the original should have been XTII.
In terms of build, I definitely intend to begin by getting it rideable using as much of the original kit as possible and then gradually service parts and replace any as necessary. The paint fits in with that plan, but there's a risk I get to a point where I feel I can't live with such a bad paint job any longer.
Current weight is 11 kg / 24 lb 3 oz, down from the catalogue weight of 25.5 thanks to the missing parts!