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I use one of those wire brush wheels on a grinder for the rusty bits - they're not as aggressive as they look.
for fiddly bits I use scrunched up bits of aluminium foil or thin strips of emery cloth
If I want a really good polish on the exposed bits I then use super-fine emery cloth, and a once-over with Autosol.
Degrease with a solvent of your choice - I use car brake cleaner and then clear-coat
Next step then is to pull off all the flaky paint, polish up the bare metal, clean the remaining paint and clearcoat over everything.
That's quite enough for one day, tomorrow I'll try and sort out a headset and fit it.