Thanks for all your input folks.
Well, I picked her up today, and i'm actually astounded at the basic condition of the drum. Very dirty, yes, with some surface rust in the seams and on the hoops, but there is literally NO pitting on the shell itself! In fact, I just took a cloth with some windex to about a 3 inch area, then applied a few drops of Mothers chrome polish, and it looks like a freakin' mirror!
All is in round, and apart from 3 snare side tension rods that were missing (which i have), it's going to be an awesome drum.
I'll post some pics as the process gets underway.
Cheers, Phil