Originally Posted by
desertdork
Unless you have quite the setup and are a skilled painter, you might regret attempting a repaint. Home paint jobs tend to not only come out inferior to factory paint, they're also usually much more prone to chipping.
+1 Rattle can paint = chips all the time. Trek is noted for world class paint jobs on their bikes.
Rusty consumables = replace them. I use oxalic acid to remove rust on fasteners and small parts, but you have to make sure to disassemble as it attacks aluminum. If you want to try oxalic acid, use search, as it has been thoroughly discussed a couple of thousand times.