I'm rebuilding one of these as well, mine was in very poor condition though with lots of parts missing. I would say yours looks complete and in pretty good order under the crud and corrosion, plus most importantly the bodywork looks really good. A very good starting point for a nice restoration.

Are you dropping the engine out? You could soon have it looking a million dollars with a bit of vapour blasting and zinc plating, I'm also building a 28sp for racer38, here is a link to his blog: http://repsolmc28sp.posterous.com/