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Note- I definitely want to do cosmetic fixes that are period-appropriate, like new tape on the handle bars. Any ideas on a seat replacement?
That's a nice bike, really. First thing I'd do is clean it up. It's easier to tell what condition the bike is in when it's clean. From here, it looks pretty good, and really probably doesn't have nearly as much wear-and-tear on it as you might think, if you only raced it a couple of seasons, and did at least some maintenance on it. I'd also check the chain for wear (12" intervals from any pin center to another pin center is an unworn one), and if it isn't too bad, I'd bet the rest of the drivetrain, and the bike, isn't all that worn, either. If it is, you'll be on the hook for spendy bits (a cogset), and possibly even spendier bits (chainrings).

Then, I'd decide if I was really going to ride it, or make it period-correct, because honestly, riding even high-end bikes like yours has come a long way since the Eighties. Clipless pedals are a significant advancement, as are "aero" brake levers, and modern brake pads, imho, though none are period correct. I don't mind them, but for some, downtube shifters just won't cut it for many. Others freak if the effing dust cap on their pedals isn't genuine Campy. It's really up to you how far you want to take things.

Campy hoods are around, but shockingly expensive, to where many who aren't doing "restorations" use reproductions, or even swap (gasp!) levers for more modern ones. Again, really about your goals.

Re the wheels, I can't tell from the photos, but are they sew-ups, and what condition are the wheels in (posting some close-ups would help to show whether they were cracking, worn sidewalls, etc.)? If I were going to ride it, I'd probably spring for some new rims regardless (assuming the hubs are ok, and if they're Super Records, they likely are) in a wider width, because that frame should have clearance for them.

FWIW, Pinarello and Campy Super Record are desired brands in the restoration market, enough that some might be inclined to sell the thing, even part it out, but me, I'd want to ride it.
 
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I get what you’re saying about a new bike, but…I’m 58. I did things on this bike that I will never, can never do again. That’s what I’m trying to tie into.

And, there’s this-

I have a friend who restored his dead father’s DeLorean. He told me, “Yes, my new Honda Civic is faster, quicker, handles better, gets a better mileage and is more reliable. Yet, when I fill up the tank of the Civic, people don’t come up and ask to take their picture with, like they do with the DeLorean.”
Exactly this. Imagine this scenario: Two people walk by a bicycle rack, filled with Treks, Specializeds, Felts, et al., and your Pinarello. If they remark on it, the most likely comment would be about your bike, and it'll be, "wow, cool old bike."

FWIW, I would do these things, were it mine, and I wanted to ride it:

*clean it, and lube up; not just hubs and BB, but seat post, bars, stem, brake pivots, everywhere that would've seen grease
*check for chain wear; if not bad, get a new chain, and if bad, leave on until new drivetrain bits are purchased
*swap brake pads for anything modern that fits (I'm not really picky about pads, there are lots of good options)
*put clipless pedals on it
*rebuild wheels with beefier rims and tires
*install new brake cables and housing, probably live with vintage levers/new hoods, though I vastly prefer aero levers
*install new derailleur cables
*install new stem and bars, if needed
*install new saddle

Obviously, this can get expensive, and many folks rightly point out that one can get a really nice-running modern bike that probably works better for the same amount of money, but does it ride better? Only you can answer that.

I also like the proven durability of the frame. Being a relatively heavier rider who rides a lot of traffic-pocked city streets, I like the fact that I wouldn't feel I'd have to baby the thing.

Whatever you do, be sure to post pics.
 
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I didn't say restoration, I said up and running, and yes it's completely doable. That $700 will rebuild the wheels replace consumables(bar tape, brake pads, cables, brake hoods, tires & tubes, probably chain)clean and lube everything and possibly replace the seat, if the OP does the work hisownself. Maybe a few bucks more than seven but not a grand. Those 6 speed cassettes wore better than what we're used to these days, so should be fine.

A restoration would be well north of a grand and could result in a bike that wouldn't be as fun to ride out of fear of dinging it up.
^All this.
 

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I paid $1,100 for it, new. The most expensive racing bikes of the time (Columbus SLX, C-Record) cost $1,500. Early composite frames could go $2k. Still, friends thought I was paying a lot for a bike. My thinking was- it’s a lot if I ride it hundreds of miles per year, but not so much if I rode it thousands of miles per year, which I did.

I appreciate all the suggestions. Back in the day, I did my own mechanical work, and I saved the tools, but it has been a while. On this job, I’m leaning to doing a lot of it myself, to save money and to get it right. I don't have great bunches of time, so it will take a while.

I am now planning on cleaning the frame more than refinishing (will redo decals), replacing the brake hood and pads, looking for deals on drivetrain parts, and paying what it costs to get the wheels right.
If your tools skillz aren't as madd as bitd, youtube and the Park Tools website are your friends. Best of luck, and be sure to post pics; I'm thinking that frame will look a lot better once it's been cleaned and polished.
 

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I know I will get a ton of criticism, but if you want to start riding again, and if it was me, I’d make this a restoration project and take my time, wasting money along the way while I actually ride a new/newer bike with indexed shifting and 11sp drivetrain. You don’t have the same legs you had when you were 20. A 50/34 11sp will be welcomed. I think it’s a wonderful endeavor to bring back a beauty of long ago. But it’s from long ago. If riding is your goal over wrenching, I’d make my plan around actually riding. Have you tried indexed shifting? I mean down tube shifting sucks. It’s probably the most important improvement in cycling in modernity. 2X 11sp is pretty nice as well.

I’m ready for the dog pile from RBR members who are from, like the 1960s who praise the down tube shifting bike. From a nostalgic perspective, from a rehab perspective, I get it. But if your goal is to ride, why wouldn’t you use a bike that makes that goal easier? As beautiful as this frame is, it’s a dinosaur with little functional value. It’s an amazing restoration project. But, as Velodog points out, if you do a true restoration do you want to do real serious miles on it? I wouldn’t.

Restoring is a great goal. Riding is a great goal. I just don’t think the two goals agree.


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I think we're all actually in agreement, and dancing around the real solution: Purchase a new bike to ride while fixing up the old one.
 
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