I recently had to answer many of your same questions when going over my 1963 Superior. There was light rust/bare spots in most of the usual suspect areas. I'm glad I took the approach I did which was to clean the affected areas with scotch brite (fine) and wash the painted areas being very careful around the non-replaceable decals. When finished and in order to protect it, I clear coated the entire frame and then rubbed it out a little. I finished with a coat of wax. I think it was the best solution. One adage I like to keep in mind is "it can only be original once".