I've never serviced a freehub before, so I'll go and look for a youtube video and I'll get that done this weekend. I'll also have to buy some WD-40 and some Triflow oil- I have chain oil, but I need to buy some more of that anyway.

On the topic of rust- this bike has a steel frame (Reynolds 631). It fell over in my garage a few months ago and dinged the top tube. I've been advised that it isn't structural, so I don't need to replace the frame, but I noticed this morning that there is some rust starting where the paint was broken. Any suggestions? The options I've been contemplating are covering it with clear nail polish, but I'm not sure if that's the best approach. There is a local frame builder that I can take it to, and he said he'd take the ding out (fill it with brass), prime and repaint the affected it for me- I think he said it'd cost between $150 - $250. Another option he gave me was to take out the ding, fill in and fix other dings and dents (if they exist), strip the old paint off the whole bike, and repaint the bike in my colour of choice (about $450 all in). I'm not sure if that price included reassembling the bike or not. At $450 it seemed like it might make just as much sense to ride the bike until it became a problem and then just replace the frame with a new one, but I could also get a custom paint job that way (I'd probably go barbeque black if available).

I really appreciate your help guys.
Brad