Rust on top of dropouts looks mild, even if bb has some flaking, just lightly sand/remove the rust spots, then clear coat with nail polish. The 72x frames are always valuable and casually does not look ridden hard to me so worst case you part it down, you or LBS pack well, then sell on ebay. Those early Phil hub shells often rusted like that, I would sand that rust more aggressively then maybe coat with some good rust/metal paint.