Well it's been a few weeks since I posted asking for help on the identifying the frame, etc. Since that time, I've talked to a couple of VERY knowledgeable forum members who insist this bike is a King of Mercia, and that the 531c tubing is exactly what the KOMs were made of. I may pay for the long distance call and frame search just to make sure, but I think it is a KOM also.
I've never done anything even remotely similar to this, but I took down a lot of the parts, cleaned them up, etc., touched up a few places on the paint with a matching color, and I'm in the process of trying to find a few nuts/bolts that simply need to be replaced. Although I revamped the original brakes/pads (they're like new again), I put a pair of new ones on there for now. Haven't replaced the chain, but I intend to. I went cheapo on everything but I indulged in a new Brooks B17 saddle. I revamped the old one and it turned out fantastic - based solely on what others said to do on here. Thanks to the forum for the advice, and all the past threads that talked about rust removal, etc. There is a lot more to do to it, but I'm satisfied with the first little bit. And because I know "without photos, it didn't happen", here we go:
Mercian Front Brakes.JPG