Thanks everyone, i really appreciate the input and I feel better about it's condition from what you all say. I was getting worried because the rust (albeit, relatively small amounts) seem to come out over this last year. I ride this bike several times/week, have it stored in a dry garage and never ride in the rain. I also have 2 other vintage bikes and newer bikes in same garage and none are showing any signs of rust. Maybe it has something to do with the Reynolds 453 steel?

I will start with the evaporust procedure and get that taken care of and then touch up paint. Maybe it's time to bring it in the house over the winters to slow down any kind of moisture build up from the inside of the steel.

Next spring, I'll see if the my touch ups have kept the rust in check and then determine whether I need to go the next level with a complete refurb.

BTW not sure if it's my bias from riding it for 30+ years but it rides even better than it looks. Smooth as silk and no matter what wheels, tires, cassette/freewheel I put on it, still rides like a dream.