Refresh when you can, restore when it is too far gone to enjoy as it is, is my mantra. On the topic of rust, it's a often considered a bigger bogie man than it likely is. I have owned my Triumph TR7 for 25 years. Unfortunately the first ten years it was parked in my driveway under a cover. Each year there would be minor rust on the wheels and even some blistering at body seams. Each year, I would treat it with a generic phosphorus rust remover and touch up with paint or wax as required. After retiring and building a garage fifteen years ago, there has been zero rust when the car is in dry storage. Rust is not a cancer, oxidization of steel requires moisture. Any thing that you do to protect it from moisture will minimize the inevitable oxidization.
Why am I showing a picture of one of my garden ornament ? About 7 or 8 years ago a good friend gave us one of his metal sculptures. It was guite shiny and new looking with only minor rust and forge and hammer marks. I coated it with rust remover which left it dark in spots, sprayed it with Tremclad (Rustoleum) clear coating and placed in the front garden. I just went out and took a picture of it. All that time out of doors, untouched, through Canadian winters, and it still looks presentable.
I'm sure it will work fine on a cared for classic bicycle!