I'm looking for feedback to determine what to do with a steel frame bike that I have. I'm looking to poll the group wisdom for two things: 1) whether this frame is even worth rehabilitating, and 2) what to do to treat the rust and prevent further rust. But first, a little background on the frame...
I bought this bike in 1991 when I was 16 and it was my first ever bike. It was made by an Italian manufacturer named Atala and was a pretty sweet ride for a number of years. I rode it up until 2003, when I got a new ride. I'm ashamed to say that I did not care for this bike as well as I should have. It developed significant rust in key areas, such as the bottom bracket, the head tube junction and around the seat tube.
This bike has some sentimental value for me, and I'd like to keep it and rehabilitate it if possible. My goal is to turn it into a "fast commuter". When I conceived this goal, I thought I would just strip the existing paint off and repaint it. But the paint stripper revealed a lot more rust than I imagined. So now I am wondering if it's even worth rehabbing. As I mentioned before, this bike has some sentimental value, so I don't mind sinking some time and money into it, if that's what it takes.
Here are some pics of various regions that I took of the bike. I'd appreciate your thoughts as to whether this is a "lost cause". If you think it's worth rehabbing, I'd appreciate suggestions as to what I could do to remove and treat the existing rust. I've been canvassing existing threads and looking at the various rust prevention and treatment methods: Extend, POR-15, Framesaver, etc. I'm most interested in what I could do to remove the existing rust.
Thanks in advance for your advice!