Those extension levers on your brakes are known as "suicide levers"; you might want to consider whether you want to keep or remove them.
Definitely replace the brake (not "break") pads; Kool Stop Salmon ones are often recommended.
You might consider replacing your cables with modern die-drawn stainless inner wires and lined housings.
In addition to the Quick-Glo mentioned above, Nevr-Dull polish works well in bright metal parts; it leaves a wax finish which helps protect the metal but is best removed from your wheels' brake tracks with alcohol.
Please keep those Vice-Grips away from your bike, they are rarely the appropriate tool for bike work.