OK.....here’s a summary of the condition
The frame has plenty of rust spots, mostly surface it seems - its a solid old frame really. But the seatpost is stuck, and the black paint hides damage done from trying to heat the frame to get the post out.
Forks, rusty in places but useable
Headset (Specialized) bearing cages knackered, generally past its best
BB - Shimano UN52 - spins well enough
Cranks - Shimano Altus - some surface rust, possible thread damage to drive side pedal threads
Pedals - VP something, bearings shot
Front mech - M735, rusty cage but functional
Rear mech - M900, jockey wheels worn but good otherwise
Cantis - M900, logo gone on one (rear), mounting bolts a bit corroded but good otherwise
Stem - Ringle, pretty decent
Bars - Hyperlite, uncut, pretty decent
Shifters - M732 pretty decent (usual logo lift)
Brake levers - Machine Tech, tidy
Chain - One solid line of metal
Rims - Campag Thorr 36H straight, bit worn
Spokes - wavey
Hubs - Bullseye - To be assessed, both spin freely and appear uncracked
Cassette/Freewheel - Cheap 7spd shimano, rusty
Tyres - shot