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@BrickMan
based on those pictures you've got nothing to worry about. I had a similar dawes last year that wasn't quite as flakey looking, stripped it, did a home rattle can job with plasticote then went to singlespeed on more modern wheels, rode it for a bit then got bored and sold it for profit (ebay fools have too much £££) though that wasn't the intention!
Do what you like with it, go crazy or go subtle, just enjoy it and then ride it ;)