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@oxpoleon
Ah, I didn't realize that you got pedals with it! Clean them up by all means. It's probably worth greasing the bearings in them too so they're less stiff, if you can.
Also, just a pointer, if (and only if) you can beg/borrow/buy a headset cup remover and headset press, I'd personally take the headset cups out if you're respraying, so you don't damage them with sandpaper or fill them with paint. If you can't do this, then make sure they're masked up really well.
Otherwise, it's not looking too rusty now! It's cleaned up fairly well from what I can see.