Nice! I actually tried the WD40 with the 0000 steel wool yesterday and it worked well on the stuff that was lightly pitted.
And, I got to disassemble more of the bike today - found out why the crank didn't really spin smooth. Take a look at the bearings. WTF, it's missing a ball? I ~assume~ I need bearings for both sides of the crank - I really can't just replace the missing ball, right?
Here's a pic of the race, which after some cleaning should look pretty good.
And here's where I'm at so far. Brakes are off, and are complete and in decent shape. I just need to polish the hardware and get new screws/locknuts for the handlebar clamps. I did what I could to restore the seat and laid back seat post. I'm gonna pull the handlebars and check the headset bearings this week; that way I'll just have to make one trip to the bike shop once I know what it needs.
