Tore the bike down yesterday and put all the rusted parts in a container of Evapo-rust (recommended by a forum member). Went out today and WOW !. The freewheel looks amazing! It was a mass of rust that looks almost new now. The freewheel bearings are toast and I've ordered new ones. The 3 speed shifter was broken so I'm replacing both shifters and brake levers with units that combine both. The BB and stem bearings all looked new. I cleaned them and will grease them when it's time to reinstall them.