I've had some success in cleaning up rims like these by soaking in an oxalic acid solution (1 teaspoon per gallon). There will still be some pitting but the improvement is remarkable. De-lacing the rim from the hub makes it a bit easier especially when polishing the rim. It's always prudent to replace the spokes on wheels this old anyway. I'd be tempted to replace the rims with aluminum ones. The SunRingle CR-18s with polished finish would look "right" on the bike and they are available in 40 hole.

If you do plan to disassemble the wheels AND you will be taking the rear hub apart for cleaning/inspection, do the hub first as it is much easier to take apart when mounted on a rim.

I'm looking forward to more posts as you move forward with your restoration