You could spend more on it, than it will ever be worth, personally I would get some wire wool, autosol and degreaser, strip it, clean each component thoroughly and put it back together again.
I recently bought a 1984 Raleigh Record Ace, looked a bit rough, but stripped it, cleaned everything put it together again in a weekend, looked so much better, I decided to strip it again and sent the frame for a re-spray, when it comes back it will get new tyres and bar tape and look almost like new.
The more you salvage, the more original the restoration, the more you do yourself, the more value you add.
As for value, its hard to say as cant see enough detail, maybe £70-£100 on Ebay as it is, but you can never tell, they were once a well respected cycle builder and a couple of people looking for one can soon push a price uo, restored price really depends on standard.
