I found an old Favorit racing bike. I didn't weigh it without all the parts but I find it pretty light, and it has a nice classic look. It is however really rusty (superficial damage only). Right now it's been rebuilt, and except for the very old and damaged crankset (which I'm going to change), it rides fine.
My question is: is it worth it to repaint the bike and slowly rebuild it with higher quality parts? I'm not looking for the lightest bike, just a strong, comfortable and durable bike. Also, I like the fact that the bike would be unique and customized. Would I be better off buying a bike, or getting a better quality steel frame?