Originally Posted by
Unca_Sam
Fastidious, yes. Able?

I was less concerned about the condition of the paint than I was with the late Suntour hubs, cycloid crankset, front and rear accushift derailleur, and the early geometry tange double butted cromo frame. At the least, I have a mtb frame that fits and should make a nice drop conversion if I desire. Central Ohio isn't known for its gnarly downhill scene.
Yeah, but you didn't show us any of those.
If the paint isn't deftly done, it can end up looking worse than what you started with.
Get rid of the rust with oxalic acid. Infill with automotive sandable, filling primer. Apply color and clear coat.