Depends...
If you want to trash it later then you can maybe just lube it and get some commuting miles before recycling it.
For example it does -worth- fixing up my appartment but I will be still living with my gypsy thieves neighbours so... (of which one sued me, again after having the charges on the last one dropped and had some charges added up on him instead, I live next to a gypsy psycho! Cool huh?
Nothing to do with the bike but this forum is cheaper then therapy.
)
If on the other hand you want to have a nice Sunday ride bike, or something like that, or if you are terribly bored and got the funds, the time and want to fix it then sure why not? In any case it would make an awesome commuter, as steel bikes tend to be a bit indestructible if kept properly and not crashed. Maybe you wanna be a bit careful slamming the thin cromoly tubes on lamposts for locking the bike etc... Maybe you could get a frame protector tube thing, to prevent scratches from the locks and the posts, like these chainstay protectors.
There is a good website its called "Sheldon Brown" something. Its got lots of info about bikes like these (and other bikes in general). But I remember reading something there about the forks of older bikes not "passing" todays safety requirements. Maybe you wanna check it too just in case you kinda "need" to replace the fork. I mean nobody replaces parts in 1940's museum exhibit airplanes, but nobody is flying them either...
It looks like a nice cromoly road bike. Its lug-welded. Not sure of brand etc, value etc... Somebody else might fill in this.
Btw In the collecting world it happens alot that "odd" items, sometimes items that were not so massively produced because people would not buy them, quite often because they were terrible
, make the rarest most expensive items later.
It doesnt look like its in a very bad shape. I would try to save the original paint-job by just removing the rust (somehow). Looks good actually!
I suspect that most of the rust might actually be just dirt. You could try starting to rub it with a cloth and some oil to see what comes off and then remove the oil... There are probably lots of ways to remove the rust.
Keeping the original paintjob also adds another advantage, that if you see any cracks in it they are possible spots of frame cracks.
Good luck!