+1 on most of this...

One of the greatest joys of tinkering with old bikes is the results you can achieve in one weekend with some wrenches and pail of soapy water (or diluted Simple Green IMHO).

And on behalf of all color snobs: savor and enjoy that beautiful yellow and don't tell your bike you ever considered painting it!

Enjoy enjoy enjoy! If you lived in my hood I'd offer to help just to see the 'after'.