what to do with old Firenze

i pulled my grampa's old firenze out of the garage. he got it free with
the purchase of a T.V. or something a mant years back. its all dusty
and the breaks are dried up but the back one still works...sort of. the
shifters work fine. although the tires are still the original ones ( i
think) they are all dried up as well but still hold are pretty well.
the rubber on the tires is flaking off. i was just going to get new
breaks tires and a seat. or would it be more wise to just scrap it and
get a new road bike. the chain and drive sprockets are in great
condition. if you can help me out please email me at
thank you