I have found that buying a little bottle of auto paint primer and painting over chips/rust spots with just that and nothing more does a wonderful job of uglifying a bike. My main beater right now is an old UO-10 I bought at a thrift store; it looks ugly and rides great. Also, I've let the cloth bar tape get a bit raggy.
__________________
"It's always darkest right before it goes completely black"
Waste your money!
Buy my comic book!