Re: Can you skim my plan for restoration?
I would go for it, but I'm the kind of guy that hates to see anything get scrapped. I damn near cried when I had to scrap my 84 Rx7 gsl-se because the frame was so badly damaged.
Here's what you have going for you:
Free bike frame
Neat forks (can't vouch for their quality, but I like em)
Cool head lamp
Cool moped tank
So if the frame is in good shape, buy some aircraft paint stripper and remove the paint. Carefully. That aircraft paint stripper is nasty stuff, but it works great. And it'll burn the skin off you if you're not careful. Once clean, prime it asap. Again, carefully. Because a run in the primer will show through. Paint it to suit your taste.
As for the engine, I'd take off the head. Looks like the previous owner replaced the already weak steel acorn nuts with even weaker brass acorn nuts. Get the right sized hex nuts and some washers to replace them. While the head's off, move the piston up and down to see if the engine's in good shape. Follow the above advice for wd40.
Bicycles are free. I have so many of them because people throw perfectly good bikes away. That means you have a smorgasbord of free parts if you need something like a new wheel or pedal crank (or whatever)
Once it's all properly assembled (with maybe a new seat?) You might have a decent little bike there. Just take your time and ask questions if you have them. It can be done. Most people lose patience and start throwing parts at things like this until they're "nickel-and-dimed" to the poor house. Like restoring an old classic car, it all looks so cheap until all the little cheap stuff starts adding up. Make the decision now whether you do or do not have a bike that's able to be rescued.