This past spring, I dusted off a bike that I've abused though neglect for the past couple of decades and started using it as a daily commuter. This bike has moved with me many times but sadly has sat more than its been ridden until this year.

I try and use it as my *good* weather bike. I have a modern aluminum bike that I ride when it's raining and will ride through the winter months.

So, even though I've only ridden the old Bianchi in nice weather, it is now showing signs of rust. The first place I've noticed rust is on the front cable mount on the top tube. This is basically below my chin, and is being hit by sweat off my face.

Now I'm noticing that the lugs at the bottom bracket are showing signs of surface rust. The bike has little monetary value (early 80's Japanese Bianchi), but has significant sentimental value to me because I have owned it since I was a teenager (now pushing 40).

So my question is, do I not throw any money into the bike and just keep it as clean as possible (clean and oil the rusty areas)?

Or do I strip it down over the winter, media blast it, powder coat it, and rebuild it?

Here is a pic of the old girl: