is that a disc brake rear, or is it just missing the caliper? I found a '73 sunset Orange Krage on craigs a few years back, stole it for just $200. It looked beat, but i tore it down to a bare frame, used rubbing compound then waxed the frame, cleaned all the chrome then reassembled and wow, a nice survivor emerged. What every you do, stay away from the screen on the chainguard, that white will disappear right before your eyes. It's only orig once, so preserve what ya got.
Nice score there.
Rich