The frame looks lovely, I don't know what these late 80's Emmelles were like, but surely they weren't as bad as they became in the 90's. I bet that would ride quite nice for the price compared to an equivalent brand new bike, and you know it'll last much longer. I'm tempted, if it had postage I'd buy it and leave it as is.
IIRC, there were crap and better Emmelles - even in the 80s. I had an Emmelle Silver Challenge - hi ten steel frame, steel rims, side pull brakes, centre ridge tyres. The thing was a death trap, but it got me into mountain biking in the late 80s. The Dolomite were, IIRC, at the better end of the spectrum of a brand highly tarnished by the rest of the crap they sold cf British eagle.