That's a cool bike!

Naval jelly, the wood bleach, steel wool or a wire wheel will remove the rust, depending on condition. Mineral spirits and a tooth brush will remove the crusty grease. Steel wool and Simichrome or a buffing wheel will polish aluminum. Rubbing compound and paste wax can bring back the shine to the paint.

Clean the bearing and repack with white grease, a little Brooks leather conditioner on the seat.

New cables, housing and rubber is always nice...