I'd use a rust converter on the patches like you showed. Rust converter can be had at any hardware store. All it does is convert the rust to a stable compound/primer that can be then painted if you really want. I would also consider taking the frame to a shop that will do a thorough job of applying a framesaver type compound to the inside of the tubes. I'm assuming that you would actually like to keep the frame for more than 6 months. Such a nice frame, that you appear to really be fond of, will be preserved for your grand-children if you preserve it thus.