Took it into my LBS. (There's 3 shops around me, and I think this particular shop is my favorite. They are very beardy.) I knew they had a spare left crank if that's all it needed.
After looking at it and riding it around, they said there was play in the bottom bracket and, like you guys, suggested getting a whole new bottom bracket and crankset. Parts and labor was in the $150 range assuming it is a French threaded BB (Bracket was about 50, I think, and crankset was about 70). I hemmed and hawed and woe-is-me'd for a while then told them to go ahead and do it. I am ambivalent about paying for the labor for the whole thing -- it sounded reasonably priced and I wanted an expert's eye on it, but it's a lost opportunity to learn how to do it myself.
This bike is turning out not to be not quite a steal:
Bike $150
Bottom Bracket & Crank $150
Tires and tubes $50
Brake shoes $10
Accessories (rack, fenders, bell) $90
Total: $450
This is still a sight better than the new bikes I have been ogling, like the $900 Trek Crossrip or the $1500 Surly Long Haul Trucker. And this bike has some real style to it. Every time I look at it it feels rare and special and it makes me smile, and this is knowing it's 30 years old, full of obsolete technology, and was a relatively cheap mass-market bike even when it was new.