Right now I'm just gonna go with the wax. I'm too busy, poor and lazy to try to find a place to mix me some touch up paint. It's pearlescent so I think it'd be tricky. And I really want to get this thing running. The pictures below show the sort of rust bits it has. Nothing major, I think if I keep an eye on them I'll be OK. This thing hung in a garage for 20 years and that's as bad as it got, and I'm inland LA so, fingers crossed, I guess. All the chrome components were totally rusted though. They left big caked-on rings of rust. You can see the headset a little in one of the photos and it's totally shot, chrome-wise but for now this level of restoration is good for me.

Good info though, very helpful. Thanks. Rust. Damn it to hell, huh?