Hello, I'm looking at buying a 1970's colnago with two areas of minor damage. Overall I'd say the frame and paint are in good condition, possibly 7-8 out of 10.

1. Some minor rust spots on the bottom of the bottom bracket shell. How do you deal with rust on a bike frame? On my car, I just dremel it out, but no idea what's recommended on a bike frame.

2. A dent in the downtube about 1" from the bottom bracket. Normally I wouldn't be too worried about this size of a dent, except in this case where it is located so close to the high-stress area of the bottom bracket.

Never owned an old bike before, nor any bike with rust/dents. Any thoughts appreciated!