It will look like crap if you spot treat it only, either for rust or paint. May be ok if you only want a beater commuter, though Cincin is a bit hilly for the gearing I see on
the CW. Looks like a '70s era 45-52 combo, which suggests the FW is either 5 or 6 spd. What you do depends on how much work you want to do: for longevity the
suggestion of complete frame paint strip and an overnite dunk in an acid bath to treat both inside and outside frame rust is the best bet. I would prefer phosphoric
acid for the dip as it tends to passivate the rust and is a good paint base. You do lose the Reynolds sticker and Puch paint scheme though but some of this would be
easily replaced. Just spot treating and dab painting will take a lot of time as well. If it were mine I would use a brass wire brush on the rust, spot treat with phosphate
rust treatment and spot prime and call it good. Best you don't take the seat off and look down the seat tube, it might scare you, to say nothing of the innards of the stays,
fork and top tube. I hope the rims are aluminum, as steel are really scary when wet. IME braking is marginal enough on old brakes even without new pads. You will
need a complete cable/housing change out also, as it likely they are rusty as well. Bike needs a complete tear down and eval of bearing surfaces, hope the FW is not
glommed onto the hub, I had two such happen on wheels stored inside for 30 yrs, never did get the FW off one: ripped the tangs off two removers before giving up.