What the best way to remove light rust? I just purchased a like new 1984 Miyata 110 and it has some very light rusting in some places. I'm looking for some good tips and tricks to remove it. I was going to just buy some rust remover from Wal-mart or something.

Naval jelly works great for removing rust as it stops when it gets to bare metal (unlike other chemical rust converters). Then use clear nail-polish or matching touch-paint to cover up the spot.

Bump

WD40 on a rag will remove very light rust.

Been doing this for years, get SOS pads don't now why but only SOS pads work for this.
Soak them and squeeze all the soap out let them dry use it to get rust off comes off really nicely (use water with it) then use chrome polish to protect it.
On a side note this will also polish aluminum to a shine like a mirror (No water dry) finish (if its rough finish sand with fine sand paper first) take some mothers polish or want ever you like and it will shine!
Other pads just do not do the same job!
All the above work also but this works easy and really makes it shine both chrome and aluminum.
Note: on Chrome use water with it, on Aluminum use it Dry

Hmm, I might try some of these. Is there any reason not to just use like Lime Away or something similar?

You can use a lubricant like WD-40 and some fine (0000) steel wool. That's fine enough to not harm the crome but removes light rust.

Search is your friend. Search the forum through Google. There is a posting thread on rust just about every week.

Lime deposits are basic and require and acid to remove. Rust is acidic and requires a base to remove. You want a product that is specifically developed to target the exact issue you have.

In the vintage BMX community, we use vinegar when we need to remove rust from anything. It will need to sit a little bit depending on how much rust there is.

I saw something in a Home Improvement magazine that might work. The person was removing rust from tools by soaking them in white vinegar overnight. The results were pretty amazing. Now you might need to fill the bath tub with the stuff to get a frame in but maybe you could try it on a small area the can be set in a pail or dishpan.