Join Date: Jun 2011
Location: Sunnyvale, California
Bikes: Bridgestone RB-1, 600, T700, MB-6 w/ Dirt Drops, MB-Zip, Bianchi Limited, Nashbar Hounder
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Are you planning to ride the vintage bike? And, did you want to preserve the original components?
If you don't have some spray rust remover compound, you can try something that might take 30 minutes or more. White vinegar will work, or a 50:50 mix of borax and lemon juice. Soak for 1/2 - 1 hr - rinse and tooth brush off.
Otherwise, I think Walmart.com and some other cheap web retailers, CycleClubSports.COM and NiagaraCycle.com, etc have replacement 6 and 7 spd freewheels (Shimano) that fit the same threads and hopefully spacing starting around $10.