See my reply to a recent related thread..
My only advice would be: Don't go on Retrobike.co.uk. If you do you'll sucked into a vortex of being obsessed about old bikes in a way you had never thought possible. I was at least.....
Everything is pretty easy to upgrade/clean/replace in my experience, but you might end up buying a few tools for bottom brackets and rear cassettes or freewheels etc. Its all a lot simpler as well though if there is an understanding local bike shop nearby. The one near me always looks at me like I'm gone out. Asking stupid questions about spacers to use 7spd casettes on 8spd hubs etc...
http://www.sheldonbrown.com/ is also a good place to check out queries about gear eg is it a freehub or cassette on the back wheel.
http://velobase.com is good for identifying those could be very desirable old bits and bobs...
I wouldn't bother getting teh frame resprayed unless the bike was a deffo keeper. Eg cool and desirable (cinelli super corsa) or heartwarming story of love and loss tied up in that specific frame (raleigh frame your grandad wrestled out of occupied europe on the back of a donkey)...
