I agree with the others. Save your pennies and get something complete that only needs a tune up/minor repair. Once you have that, you can use this as your side project and wrench until your heart is content.
As it stands, it will probably take a year or more to get it on the road safely. Once you have the knowledge and the expeirence, the next project will take half the time.
I did the same thing as you, bought a bike to learn to wrench. Over paid and got something that needed more work than i realized. I took it apart partly because i needed to and partly to learn about the insides. I also like taking stuff apart. 5 years later its still in pieces (but slowely coming back together). While that was going on, I also picked up 2 other bikes in better shape that only required minimal repair to get on the road. I finished those first because not having something to ride sucks.
Good luck