Kidd, AMF (American Machine and Foundry) is known for their bowling alley machines, but at one time it was one of the largest sporting goods manufacturers/suppliers in the nation. They even owned Harley Davidson motorcycles for a while (the dark years according to some).
Restoration is easy and fun on a bike like this, but be warned, you'll spend more in parts than the bike is worth (AMF bikes weren't very high quality and have very little resale value, if any). For parts, look for a bicycle recycler in your area--it looks like you'll at least need a front brake caliper and possibly a headset.
The actual steps in a restoration is to take apart the different groups (brakes, crank/bottom bracket, head/stem/handlebars, cables, etc)--one group at a time-- clean everything, lube and reinstall. While some areas of the frame are exposed, you can touch up paint if necessary.
For actual instructions on how to do some of this, Sheldon Brown's website is really helpful, as is the Park Tools website (repairs and tips). There are some helpful bicycle repair forums out on the web too.
It might seem a little intimidating at first, but the best way to learn about bikes is to do just this...get one, tear it down and rebuild it. Remember the best way to eat an elephant--one bite at a time.
Have fun!
Makes me feel like a horrible person, but it was clearly of low quality. Hopefully I find something better
