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@Hamatt
I've just inherited an old steel Dawes road frame off a mate. I have bits ready to start sticking on it for the latest project. Only problem is, it's been in a fire and clearly taken a bit of a pasting. Most of the paint is gone but it's been checked out for straightness at a bike shop and fine in that respect. The bottom bracket still fits fine - no warping there. There's no apparent reason why it wouldn't look good as new with a powder coat - or make the super-unstealable pub/polo bike without.
So is it safe?
I guess I know what people are going say. It's not a valuable frame, so why risk it when I can get a new one. But it's right there in front of me and I'm impatient. Am I destined for an early grave if I use it?