After

Overhauled the front and rear hubs. They got new bearings after a thorough cleaning with the mineral spirits.

I polished the rims (Araya aluminum straight walled clinchers) with Simichrome.

The freewheel got days of soaking in mineral spirits, and lots of scrubbing. Then it got an Evapo-Rust™ treatment over night. After that another good cleaning and soaking with mineral spirits and a couple days of drying before I lubed it with Phil Wood's Bio Lube. Following the advice of many, I resisted the temptation to disassemble the freewheel. Nevertheless it feels silky now and sounds great.

This is the unmarked Shimano rear hub with "Shimano-VG" 6-speed freewheel:

Here are some intermediate images of the fully stripped frame and subsequent brazing repair. Stripping and de-rusting was done by American Metal Cleaning. It was amazing to see how clean the frame was (inside and out) after that process. No paint, no rust. Just perfectly bare, clean steel. Brazing was done by Acme Welding.

Frame is at Class Act receiving a coat of Dumpster Brown and a coat of clear now…

And here is the finished project!