Originally Posted by icepick_trotsky

People are divided on whether one should repaint an old frame, but I think this bike is a candidate for a total repaint. It's also nice enough to warrant a professional job, in my opinion. The real sticky wicket may be the rust on the chrome lugs and fork crown, though. If it's just surface rust, the current chrome can be restored, but if it's pitted through the chrome, you've got problem.

Step one: completely disassemble the bicycle

Step two: get some aluminum foil, dip it in water (or Coca-Cola for some reason), and scrub the rusty chrome with that. The rust will come right off and any healthy chrome will be good as new underneath, unless it's pitted.