I'll have to check what parts are on the bike. I started cleaning off the rust from my Raleigh Competition I had in a shed with a leaky roof too long. The forks have shined up a lot after using a wire wheel and Dremel tool and some fine steel wool.

I was trying to look up the definition of derailer. Are both the pedal and wheel gear changers called derailers?
http://www.sheldonbrown.com/derailer.html