Boredom's Muddyfox and Pompino

I bought a Muddy fox courier comp a while back as it looked like a great project bike. It was a good deal I think for €50. I'm in a few minds of what to do with it. I'm thinking of either:

1. putting a new triple groupset (or 1x or keep the old 3x7, still undecided) on it, v brakes, a front or rear rack (would p clips work on a wishbone stay?), basket, mudguards,newer wheels (possibly dynamo),tyres and making it into a nice commuter/light tourer
   
2. The same as above but with friction shifter drop bar ends with v brakes
   
3. The same as 1. but with cantis so I can use drop bar sti levers
   
4. just a rack/cheap mudguards and having it as a cheapo leave anywhere kinda bike.
   
5. Give it a new seatpost and a quick service, sell it for profit and buy the green muddy fox for sale in the classifieds because I might just end up buying all new parts for the one I have already, which would stop me having to try sell an old 3x7 groupset and crappy parts.
   
   

I also thought that v brakes and cantis have different pull ratios but the levers on there atm say v brakes but there's canti arms on which seem to work, so is it relatively ok to mix?

It was listed 3 times on adverts.ie where I bought it from (on 2 different accounts, both with poor reputation), I reckon because it wasn't in dublin it didn't get much interest. Here's the first listing I found. Here's the second. And here's the final one

I tried doing a bit of research on the courier comp, but couldn't find out too much about it, and I've no idea what the difference is between it and the pathfinder tijs has, as they look identical, but I think it's 1989 and was originally specced with suntour.

It's a little rusted and I don't know if it is of a level of concern tbh. I also don't really want it to get worse. Would a few layers of clear coat spray be enough or stupid? I don't want a respray if I can avoid it.

@Tijs 's muddy fox is definitely an inspiration, and depending on how I decide to go with this mine could end up being nearly identical!
@t0-ster 's GT is really nice too. As are this raleigh,this gary fisher, these treks and @Mentats pathfinder (which I think I spotted in Dublin in a slightly different setup and admired for a few minutes, I quite liked the banana left on the saddle and love the paintjob)

I've also a pompino I'll post about in a few days. Not a huge amount to do to that to get it to be my ultimate commuter bike, just adding a rack, rear mudguard, new handlebars, maybe a basket.