Is this tool much of a project

My 2p:

Get the Dawes. A whole bike is better than a frame.

Also I think there might be less work than you think. I know a new powdercoat in you GFs fav colour sounds good, but I really think with some elbow greese you could clean it up well... and IMO I think it'll look better than a home re-spay which prob wont last that well (no offence intended).

Then its just regreese, tyres, brakes, cables, saddle (mates GF has a charge one - good apparently).

If you have money left you could rebuild the wheels.

Remember your GF will love the thought and the fact you've done the work.

+1, i found an old dutch bike in a skip and di it up for my gf, she loved it and shes not even into cycling. i think the fact that you are putting in the work and getting her into what your into should earn you some good browneye points