This bike IS worth the trouble.
It is easy to imagine that this is what got the bike parked, by the previous owner, in the first place.
And yes, Justin, you did mention the throwout bearing early on in this thread.
nhmaf: I have never taken apart a later model throwout assembly, so I cannot comment on it. Looking at the microfiche, it is obviously a different animal.
I do know that the older ones have these radial-roller bearings, while the newer ones used a cage of ball bearings.
The later is better, because with the roller bearings, the inside part of the bearing is trying to spin faster than the outside.
Clean and inspect annually, is my motto.