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Your father's bike is a frame model that was popular in my area. The color and chrome areas are typical of the mid-1970's to late 1970's era versions sold to racers in my locale.
The metallic red with yellow decals was 'standard' trim. The frame might have retailed in the $400 range when new and in decent condition will still bring that amount. The Japanese components (I can't make them out, but a mix of Suntour Supurbe, Shimano and perhaps a Sakae or Campy Super Record crankset? Rims, Super Champs or Mavic Red Labels?) were fitted by riders that could not afford Campagnolo or desired the Japanese improvements in smoothness.
It's a typical mix of mid to high-end racing components for its time period. A fit racer would have had no issues with taking that bike to the starting line and winning on it.
The condition looks to be very good and well worth the elbow grease to polish it back up. Replacing the dried out and cracked brake hoods may take a bit of ebay tracking (new-old stock and replica/reproduction hoods are available for some models), but can be found.
I woud not ride that crank too many miles as they are somewhat noted for breaking the arms due to fatigue.
I would repack all the bearings in fresh grease and oil (every bearing on the bike is rebuildable), oil it up and keep it as a monument to the miles your father put on it...maybe take it out and ride it every so often as a reminder of what he did on it.