I have an old Peugeot Orient Express, a mountain bike I purchased in the mid-80's. I haven't ridden on it over 10 years, but if I knock the dirt and dust off it, I think it will be good to go. Honestly, do you think it is worth restoring? If so, what would be some suggestions on improvements/upgrades?
It's usually not cost effective to substantially upgrade older bikes. Technology has come a long way in the last 20 years, especially in mountain bikes. Before you invest a lot of time & effort in this project, at least look at some new bikes at a bike shop and take a couple for a spin. You'll then be in a better place to judge for yourself whether that old bike is worth the investment.