So, I'm fixing up an older bike that's been out in the elements too much.

Most of the frame is fine, but some spots have some rust. I've got some rust remover and auto touch-up paint I'm going to use there.

However, some of the components have lots of rust -- brakes, bolts, etc. What should I do with these? I could use the rust remover and I imagine that'll work, but won't it have lost it's protective covering and rust again pretty quickly? These are things that aren't usually painted.

I might end up replacing all the bolts and such, but it's a pain in the neck to find replacements and I may not bother if I can get the rust off well. But I'd rather it not rust up again just from one day getting caught in the rain, for example.

Some sort of clear covering? Any suggestions?