Its about time this thread deserves a BUMP.

I've been working quite a bit on this bike and I have to say its one of the most fun and rewarding projects I've done. Unfortunately time is limited, so my progress is slow, but in the same sense this restoration is kicking my butt. Everything is requiring to be completely disassembled, totally cleaned, and restored. All threads are getting grease. All surfaces are being safely cleaned and polished.

I'm going a very safe route on this. I've only been using cotton rags, WD-40, Mother's (for alloy), NevrDull (for chrome), and steel wool for only the roughest of rust (so far only on bottle cages and spokes). And of course, lots of time, elbow grease, and frustration.

The bike is completely disassembled, save for the headset and BB. I'm done with brakes, derailleurs, bars/stem, and bottle cages. Front hub shell is completely cleaned and polished, still need to repack bearings. Parts are only polished by hand so they don't really keep their shine after handling them - I'll take a buffer to it before reassembling everything.

RIM UPDATE: both rims are shot. I ended up finding identical replacements (which are Fiamme Red Label) from the awesome guys at Sic Transit Cycle in Ann Arbor. Gave me an killing deal because they are great dudes. Check them out. The "new" rims are currently getting old glue chipped off and then will be polished to death. Once the hub is repacked, the wheel will be laced back together with all the same spokes and nipples, but which are now in pristine condition. I'll post a pic when its built.

For now, here are the best looking parts disassembled and cleaned!