Maybe... you should reconsider the touch-up painting. Maybe a little gentile cleaning and light waxing might be the best way to preserve and enjoy this bicycle... for now. A little paint wear is acceptable. Stopping the progression of the rusting can generally be accomplished with a little wax. A bad paint/touch-up job can hurt the value of a collectable bicycle.

Restoring these old beauties is a great hobby. I hear it can even be profitable. Take the time to research how to fully clean and re-lube you vintage bicycle. Your local library should even be able to lend you a book. You tube has lots of videos as well. Don't rush into altering your find... before you have a good plan... that really gives you what you actually want.