Looks like a solid basis for a restoration.
All good advice here. I would like to add that I went the second route on my restoration and completely stripped the bike down restoring or replacing everything that was past the service limit, rusty or just not up to my standards. It took me a year of weekends with no other real commitments. It also ate through my savings like you wouldn't believe. The most expensive things were specialised tools and getting the chrome redone on some parts that are no longer available new.
I you do go this route, be prepared to spend some money on parts and tools otherwise the project will stall. If that happens, well... just see Ed's previous post