Look's like a fun project and a good bike to get back into the fresh air.

Instead of steel wool, I would recommend a choreboy copper pot cleaner (available at most supermarkets). It is less likely to scratch and you want to keep the character of the original paint.

With a little elbow grease, you will be surprised by the results. Enjoy.

Oh, and in the movie "breaking away" - it's the Masi, not the AMF (the race at the end) to focus in on...