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What's up with the wheels and crankset? I'd be hesitant to dump a load of cash on it before riding it at all. I'd suspect the chain/casette/possibly chainrings are worn but if you're going to replace them all anyway there's no harm in seeing what it rides like first before replacing them. Could you whack some brake pads and bar tape on and ride it safely?
As you've probably established, wheelset and crankset are going to be the things that hurt the wallet most. In my experience, replacing cables, brake pads, chain, cassette and possibly bar tape and tyres will get most bikes running pretty nicely. Though obviously if the wheels and cranks are fundamentally broken, they'll need to be addressed.
Good luck with it.
MichaelG-
Unfortunately the rims have a crack in them, so it could explode at any time (I found that out after riding to the local LBS. The brake rims were extremely concave. Have addressed the cranks and front wheel, but having trouble even understanding which hub is compatible when trawling ebay for a second hand cheapy. Campy 9-speed compatible wheels are few and far between. Hoping someone here might have an old but usable one available :-)
jezmond
Two weeks ago I bought a bike (off ebay) for the first time in 30 years. A Bianchi Road bike.
I thought it was a great deal for this sort of thing until I cheerfully took it to the LBS to get a service. Needless to say there was a lot of tsk tsking at its decrepit state and a long list of replacements which easily tallied to more than the I’d paid for the bike. Returned home to find myself embarking on a crash course in bike culture and terminology and to see if I could get her running without spending more than its worth. There’s been a lot to learn.
I have managed to source a few of the parts required (hopefully the correct sort), a new crankset, a new 9-speed campagnolo cassette, a front wheel, but still need a rear campy wheel or wheelset thats compatible, and possible new seat, pedals, cables, tape, chain, brake pads.
Any help, suggestions welcome.