Is it a good candidate for a resto mod? It depends on what you want from it. On the one hand, it was a cheap, entry level bike when new and that's not going to change. You should think accordingly when splashing out your cash. On the other hand, if it fits you well, you could get a lot of enjoyment from coasting around the countryside on it and you could learn a lot from doing it up. The benefits will be purely personal.
If I were you, I would first make sure it's safe: the brakes work, the stem and handlebars are securely fitted, the chain doesn't slip as soon as you pedal hard, etc. Then take it for a short ride or two. After that, I would look at the contact points: saddle, grips and pedals. If you're happy with them, good; if not, change them. After that, tyres: cheap, heavy tyres make riding feel like a slog. Something like Schwalbe's Billy Bonkers would work well with this bike and improve the enjoyment.
Avoid the cheapest no-name parts; there are parts that are a step or two above, don't cost much, and generally function well. Things like Clark's Elite brake pads, Charge Spoon saddles, and some Rock Bros pedals are very reasonably priced and are almost certainly worthwhile upgrades over the parts already on the bike. After that, I would consider options that require more skill and/or money, like servicing the hubs and drive train upgrades.