I actually like the frame the way it is. You might be able to clean it and revive the paint under the grime, but why? I probably would clean and lube the RD, but not polish it. I'd also try to stabilize any severe rust and the rust on the chrome, but nothing too radical. I'd probably try to find a saddle though.

I may be the recipient of an incomplete '62 GS myself soon, and I hope to go the patina resto route.