I had a 1965 Heavy Duti, same basic bike. I'd put that at 1963-1966. The reds were extremely susceptible to fading, so you'd need to wax it with something like Kit paste or something after you treat the rust.
I'd treat it with WalMart Rust Remover, then touchup, but I prefer them "worn." Then a couple of coats/rubs with the paste wax and go riding.
Friends don't let friends drink and wrench.
1985 Raleigh Competition
Racing USA Series-Coleman made me do it.....
1987 Bridgestone Radac
- Aluminum (sadly, the frame is toast, RD hanger snapped off)
1988 Centurion Dave Scott Ironman Master
1989 Centurion Carbon-R
- Carbon Fiber