OUCH, looks like your old gal spent some time out in the weather! I think mine was mostly garage kept, but with the high humidity here in FL, lots of surface rust just from the air. Every nick on the frame turned to rust, but the bearings, drive train and stem were OK....LOTS of built up grease on the drive train had pickled it pretty well! Did an overall cleaning, lubing, new tubes and did a few hundred miles on it. Kinks worked out, now giving it new ones to tweak and fix! My son and I spent a month trying to unstick the seatpost on his 81 Takara, rusted in-place BIG TIME! PB Blasted it, whacked it with hammers, pipe-wrenched on it... FINALLY busted it loose without breaking the frame or the seat-post...RUST is NOT our friend! Vintage bikes are cheap and easy to work on...but they do eat your time.