You're kidding yourself about the rust being on top of the paint. The only thing that rusts of the frame itself, is the underlying metal. So unless some solution with rust in it has been dripping on the frame, the frame itself is rusted. There's also appears to be lots of corrosion and pitting on the aluminum components and rust on the componet fittings. This will take lots of time and money to fix up, probably much more than it is worth. Too bad, because Cromor is good midrange tubing, the Ultegra is a great midrange group and that Gipiemme 416 wheelset is sweet.