Yesterday and today saw more progress. Despite the bike's apparent quality build and a seat post free to move, the quill stem wouldn't move. Despite the owner's multiple attempts to free it.
So three weeks ago I spent some time on it. After failing to free the wedge and the stem with several hammer blows on the stem bolt (separated by a handy piece of hard wood), I left the bike to sit for two weeks with PB Blaster in the steerer tube with the frame inverted. I could see up the steerer tube that there was ample white lithium grease on the wedge and in the tube. But it was pretty darn dry and hard. So I removed as much as I could from underneath before applying the Blaster.
Oh and I had an idea. "What can I use to plug the steerer tube to keep the Blaster from leaking out?"

Velox rubber bar end plug to the rescue! Love it!
As I was finishing up, it occurred to me that this 56cm frame had about the perfect length top/steerer tubes where I could most likely remove the stem binder bolt and thread it in from under the fork crown and use it to "pull" the wedge free. But was it long enough to reach the wedge from the underside? I guess I'd have to find out.
Well, that was three weeks ago. Last night I went back to work on the stem. Saw that my PB Blaster was still sitting within the tube and "marinating" the stem (however effectively), so I went to seeing if I could free the wedge. Hammer blows once again failed to free it. I put clean rags on my padded hammer handle and used it as a wedge between the fork blades just below the crown. I pulled on the bars and nada! Still wouldn't break free.
Luckily, I remembered my epiphany from three weeks ago and gave the "reverse wedge pull" a try. Found my smooth chrome Park cone wrenches and found the wedge bolt fit PERFECTLY through the holes in the wrenches! Love it when this happens. And to be sure I did no damage to the paint on the underside of the crown, I put some Gorilla duct tape on the side of the cone wrench that would be pushing against the crown.

Worked like a charm! Didn't even require much torque to pull the wedge free. Once it was, the stem easily came out. So glad there was no galvanic corrosion issue. So psyched this stem issue was resolved without having to go all brute-force on the thing.
Ironically, I did find that both fork tips were twisted when I put the dropout tools on 'em. I bet the bike was in a crash and the wheel spun around hard and bent the fork blades. Got 'em straight with a little muscle.
Today was "tube prep day" where I pulled the well-greased seat post to look down the length of the seat tube. Definitely some rust; a consistent, but not too concerning layer all the way down (below where the post fit). Putting my flex hone on my 24" drill bit extender returned the tube to pristine shape with mirror-like sheen down to the BB.
Man it's nice when stuff works!
After blowing out the tubes with a length of SIS housing and compressed air, I treated the "closed" tubes with JP Wiegle and the seat tube with Fluid Film.
The restoration continues...