Hi,
Looking at the pictures, it looks to me as if it could make you a better parts bike than a daily runner. I have to agree with the answer in the previous post: how much energy (time, time, time, and more time, plus money, money, money and more money) are you willing to put into it?
Assuming your 1976 K is in very good shape, I would keep what I can salvage from this one. Do you have the space to part it out and clean the parts? If so, do you realise the chance you'll have to be able to work on something without having to put yopur regular bike in the shop for a month? (on these old ladies, you never know how much time you'll spend on a repair that seemd SO easy at first glance...) All you need is a good shop manual and fair manual skills; you'll then be able to undertake 80% of all repairs.
All the chrome seems to be in good shape; could you use some of the parts to replace a scratched / bent fender, or a pitted/rusted kick start lever?
The frame on this one would need attention; is it only rust? As it begun to show some signs of fracture?
Maybe the engine parts are still in good shape? You could use 80% of them.
Maybe you could dismantle all 4 carbs, do a complete rebuilt and then swap them on your other bike?
Did you notice that both switches on the handlebars look to in good condition as well? Lors knows I had to put some patience in getting mine working... wish I had a parts bike like that one at the time!
All the other little knick knacks, you can find on eBay or, better, within the SOHC4 community.
Just a thought.
Good luck with whatever you decide to do with it.
Regards,
Paul