« Last post by Pat Lamb on January 23, 2015, 05:39:52 pm »
Just MHO; I'd give it a very careful once-over, and if everything looks OK, enjoy the ride. Hang the frame up on something (ropes tied to rafters, bike stand, car rack), take the wheels off, clean everything as best you can, and inspect the frame under bright light at close range. If it's outside, check it once, turn it around and check again; if inside, use a bright work light. Look for things like bubbles in the paint, hairline cracks, paint delaminating, etc. While riding, listen carefully for unexplained clicks, groans or squeaks. Drop the fork out and give it the same kind of once-over. Look particularly near the joints (head tube, bottom bracket, seatstays), dropouts, around penetrations into the tubes, like the water bottle bracket bolts, and near the braze-ons.
The good news is that steel will normally fail gradually, giving you time to catch (and possibly correct) impending failure. The bad news is that most of us, like me, cheerfully go for a ride instead of spending that lovely spring afternoon checking the bike.