The bike is now close to what it could be for the time I own it. I really like it in its current state.
I repacked the wheel bearings, but still have not done the headset and the BB. This is mostly because I have never done it before, and am a little reluctant to start. I hope to finally get it done this coming week.
I sanded off the rust on the frame and primed and painted the whole frame. I also put on one coat of clear. It does not look stock, but it is not too bad. Most of the original highlights are still all on, and the decals are fine, thanks to some masking. The only things I could do nothing about were the 'Competition' decals on the top tube, as that was where most of the rust was.
The chrome fork ends and rear triangle were mostly good except for some spots of rust. I got rid of that, and waxed the chrome. The only real problem was a large bit of rust on the inside of the fork. I had to sand that portion of it. I don't know what to do to insure it does not rust. At the moment it is also waxed to keep the moisture off.
I removed the drop bars as I found the steering very twitchy. I decided to try a moustache bar. This was certainly an improvement as far as the steering goes, and the ride is more comfortable too. Now I'm thinking of putting some old SunTour bar-end shifters on. We'll see.