I like to see old bikes restored to their prior glory. In the case of this one, I'm not sure it's worth the effort. It looks like a decent frame and could certainly be turned into a useful rider. But it's a lot of $$ and time for what appears to be just an OK bike. If it were a Bianchi or similar like Bean's I would say proceed.
What makes you think they are steel rims? I can't spot any rust on them in the pictures and almost all of the steel components are well rusted from poor storage conditions. On a bike with Campagnolo components and a mix of other Italian pedigree stuff hanging off it, I would think the manufacturer would have specified aluminum rims.
The insides seem to wear the same silver spray paint that was applied to the obviously rusted spokes so I could be off base on this detail.
So your familiar with the brand?
Sorry, that was my bad, I was also on a conversation on another forum in regards to a Schwinn bike that the person had steel wheels on and got that mixed up with this one. Just ignore me, I'm very busy lately with being in the process of buying another house and trying to get the one I have now packed and still keep working at my regular job, I hate being 63.