So after a bit of debating I have purchased a set of weinmann rims on formula hubs, obviously not as high end as mavic or something similar, but a good compromise for the keeping the cost down. Also tonight I did opt to paint the frame. I definately took into consideration everyone's thought's on painting, and the risk that it may not turn out well. Yet, today I walked past the frame, its paint chipped and flaking in spots due to rust, and decided that I could do no worse by painting it.

Plan is as follows. I purchase Dupli-color automotive paint, sandable primer, and clear coat. Oh, I also have some aircraft remover. Process, based on online research will be:
1.) clean everything, use aircraft stripper to get rid of existing paint
2.) clean frame with paint thinner to avoid any grease stuck to surface
3.) 2 coats primer (wet sand)
4.) 2 coats paint (gentle wet sand)
5.) 1 coat clear
Missing any steps? Should I sand before primer?

Anyway, also made some progress on removing stuck on cottered bottom bracket. Crank had slight wobble to it, cotters were not as tight as they should be. I will have to replace the bottom bracket. Any suggestions on figuring out size? From SheldonBrown I found sizing charts, though the axel to the bracket appeared to be a strange, long size. 142mm length. Also, still learning but existing bottom bracket appears to be strange irregular version. Pics tomorrow I hope.