Some good ideas coming in. I agree with no decals and roughing up the parts, that's the route I'll be taking.
Here's the bike as a rolling chassis, there is more to be done.
View attachment 939245
I sprayed the cassette and spokes with a rust effect rattle can, it's quite convincing at a glance.
Saddle is one I got with a donor bike, I have others but mostly decent brands in nice condition, this is a cheapo generic 2000's perch which I won't mind scuffing up. Doesn't show up in the pic but the seat post is very scratched and scuffed.
The UN71 was too short in the spindle for the 600 chainset, so I've gone with a new Tange, headset likewise is a NOS Ritchey. Hubs have been fully serviced so all the bearings are in great shape. It should be a really smooth ride. Tyres are newish, they are light and rapid with good puncture protection which is what I need for commuting.
I love the mud guards, steel, way too wide for the wheels, held on with cable ties, plenty of dinks and already rusting.