I've been remiss about updating this thread, but here's a brief progress update. I didn't hear any advice re the rust so I tackled the remaining rust with a combination of sanding, rust remover (pb blaster) and vinegar. A oxalic acid bath was probably in order, but I prefer to work with my hands rather than chemicals and I was a little worried about what it might do to the deteriorating decals. Plus, I also had visions of my 2-month-old puppy or 2-year-old daughter getting a little too curious with the OA bath.
Gratuitous cute dog photo:
To all my C&V brethren, I caution you not to neglect these rust areas, as they are likely to spread more than you realize--particularly the ubiquitous brake caliper smack on the DT. I learned my lesson.
A fair amount of rust was also present in all three of the brake cable guides, which I addressed with some sand paper around a wire. Strips of sandpaper could then be torn off to reveal fresh sandpaper as needed. Similarly, I also used strips of sand paper wrapped on top of a pencil and secured with a hairband. I read a previous post where someone mentioned glueing sandpaper onto a pencil eraser. My method allows you to quickly slide the sandpaper down to reveal fresh sandpaper once the paper at the tip has been worn down.
Here is the assemblage of parts for the build (DA 740X parts, plus 105 levers), some of which still need a good polishing:
Plus these wheels (DA 7400 hubs, Wolber Super Champion Aubisque rims, Stella DB spokes, and Vittoria Corsa Evo-CX tubulars):
I was able to match the blue paint with Testors. I am nearly finished touching up the frame by hand. Hope to finish all the paint & polishing and build it up in time for the holiday break.
(Frame only: 4.27 lbs.; Frame & fork: 5.62 lbs.)