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@miro_o
A re-spray and new decal job will cost, probably more than the frame is worth to be honest.
Better to get fine wire-wool and rub down the rust blisters 'till the metal is shiny. Paint on a little primer (lightly rub that down), then the best match modelers enamel you can find (lightly rub down again). Now wax like crazy.
That's what I'd do.
Got any pictures?