I almost bid on that myself...love those oldies ! I do not recommend steel wool and wd40.... Careful disassembly and an OA bath is what I would do. It is hard to see exactly the condition, but if there is any nickel plating left, the steel wool will tear it up. The rims are probably wall hangers, even if straight, as the old glues usually are turning to dust by now...the good news is that you can buy nice wood rims for it. Once you id the rear hub and assoc parts, bits and pieces often show up on ebay, and I may have some parts like sprockets, chain and so forth if you can't find what you need.

Keep us updated on the progress !

Cheers,
Joe