You call it a project knife and you presumably want to do some work on it.
Of course it's your knife now and you can do exactly what you want with it, but I like old knives to look like…old knives if you know what I mean. I think I would try to give it a careful cleaning and oiling of the joints but not much more.
As testcase wrote:
testcase wrote:One can always buy a nice new shiny knife if that is what you want. Can't reproduce age and character.
If you want to practice rehandling or more “drastic” restoration, I think I would choose a much newer knife.
Good luck whatever you choose to do! Enjoy your find!

Knivlaus mann er livlaus mann.
A knifeless man is a lifeless man - Old Nordic proverb.