What Am I Doing with this...

you have two choices:

1. shot blast, powdercoat, el cheapo style, armortex, or even cheaper at car sprayer, anything between 40 and 100 quid.
   
2. proper renovation, anything up to or above £200, depending on work involved.
   
   

bearing in mind that this is a geared frame as well, what do you want it for? dale gave me some good advice a few months ago, namely that it's not really worth respraying old stuff unless it's really fucked.

oh yes - and was going to add, the serious hernia-inducing hard work option, sand/rattlecan, etc. but this makes a bike look really shit.