Joined: Jan 2008
Posts: 23,642
Likes: 1,106
From: Mans of NC & SW UT Desert
Bikes: 86 Katakura Silk, 87 Prologue X2, 88 Cimarron LE, 1975 Sekai 4000 Professional, 73 Paramount, plus more
Given extent of rust, a lot of the chrome will be missing once you remove the rust. Whatever method you use, it does not replace missing chrome and does not fill in pitting.
Assume rust treatment has been discussed many times before, google will get you more ideas than you can imagine.
Wheels and handlebars look like goners to me.
I've had plenty of old Schwinns, and have dealt with a lot of rust. I treat rusty parts every day.
As far as reusing stuff, I tend to reuse the same OA bath for 3 to 4 months.