The wheel below has some rust. In the second pic is the wheel with the rust removed. The chrome shines where it's intact but there are spots where it's peeled away or pitted. Coating the wheel will prevent future rust and structurally the heavy steel will be fine but is there a reason to keep the old wheels? In particular these are Schwinn S6 rims which can be pretty easily found still.

Secondly, this particular bike also had frame rust. After removing the rust, the paint underneath the rusty area naturally was gone. Again is it worth keeping as it protected, repainting, or just dump it? This is a 57 women's traveler. Would the answers be different for pre war bikes? This particular bike wasn't ridden more than a few times, the tires are still good, and it could be parted out for the hubs, badge etc.

Rusty Tire:
Rust free with flakes/pitting:
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