I recently scored a free 1974 Deelite Apollo 10 speed. As far as I can tell, it has all original parts, but most of the stickers have faded out and there are a few places where the paint has failed completely on the tubes.
As a project bike, would you consider stripping and painting the frame, or simply replace what needs done (tires, bar tape) and ride it as is?
Oddly enough, I grabbed it for that very reason but once I got it home and had a good look at things I realized it was quite a nice bike with all original parts made in Japan and Switzerland.