Ok guys, here are the before pictures. I wanted to ask some more questions before I started working on it, because a few things I didn't notice before concern me.



First of all I noticed that the wheels are considerably out of true, with at least a 1/4-1/2" wobble when on the frame. Is this a fix that I can do with just a spoke wrench, or are these going to need to be replaced? Another problem, there is some considerable rust on the quick release nut of the front wheel, but I am assuming this is easily replaceable.

Ok, now on to the frame rust.








The only rust I am concerned with is in that last picture, because it looks like its pretty significant. Does that raise any red flags?

Oh, and are Suntour Cyclone M II components good? Here are a few pics.






So basically, its gonna be some more work than I thought because the wheels need work. I hope that its fixable, and that I wont need a new wheelset, because I honestly don't think I can afford a good set. I'll probably spend a ton of time on Sheldon Brown's site to figure out how to true up a wheel. If anyone sees anything that looks like its gonna be more work than its worth, let me know, thanks!