Should I take it?
I remember reynolds 500 - it wasnt on top end bikes and theres no way that bike would be sub 20 lbs. Even with 531 and decent kit it wouldnt be. From the scant information I think its too big for you and would need new tyres minimum. I expect its the old standard 27" wheels rather than 700c too?
Prob fine to use for a commuter -if you can get it to fit you - but as you say - not to race. I'd take it so s to not offend. New tyres and full guards and sorted.
Whats the saddle height like ?
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