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@speedwolf
Thanks for all the tips so far. I think it's best to go with Armourtex who will do the spray for £60.
I'm not sure if they sell stolen bikes in this shop (I may be wrong). Basically the owner told me that they get given loads of old bikes from the huge Oxfam shop just across the road - he then either sells them complete or as parts.
Teddy: the frame looks strong enough - it's just the paint that makes it look knackered. I couldn't see any brand names on it - maybe it's some sort of an old "budget" frame? But it was chrome (or steel) and seemed light enough. I reckon it will be fine when re-sprayed and I'm prepared to fork out a couple of hundred quid on parts. I'm doing over a few months anyway. I need a new hobby - my girlfriend won't be happy!
Thanks again guys - and do drop by this shop if you happen to pass by. That Peugeot frame I saw last week was ace.