I am restoring an old Schwinn (1966). Paint is in decent shape. Without getting too kooky or involved, does anyone have a technique of polishing up an old frame that makes it look nice?

I used Colorback polish on a pretty rough Jeunet my neighbor put out for trash pickup. With a little elbow grease it did a great job removing many years of old grime and the paint ended up looking pretty nice. There might be better stuff, but I happened to have it on hand. Sorry, no before and after pics.

WD40 does it all.

Also, what is a good way to repair /repaint chips on the frame, some of which show light rust?
Brass wool then matching paint?

If you have a dremel with a polishing attachment, you can really make it shine.

and one more question.

I've got two chrome fenders. The outside looks nice but I need to clean up the inside part. Doesn't have to be perfect, but it's loaded with rust and want to get it off. WD40 again?

You could pour a bit of oxalic acid solution into it, and move it around until each section has had a couple hours to soak. WD-40 is good at removing the older rust, but the acid stops rust in its tracks.

I've used something called "paint renovator" with some success. It's basically a very mild buffing compound in a liquid state. Go easy, and start on the underside of the frame. If you see much color on your cloth, discontinue - you're removing too much paint. You could probably buy a bit of something similar from a local body shop. Then use a good auto wax and you should be in business.

I vote for Zud cleanser. It has oxalic acid in it, and I think ground quartz as an abasive. I just did three Schwinns, they came out great.

Nail polish. Seriously it comes in oodles of colors, and is pretty durable, and cheap.