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@Smallfurry
@jimmy. Personnally I'd just dismantle it (WD40 should help), polish the bits (check for bad damage) and greese + rebuild. I've used a cheap rubbing compound on rusted parts (non-painted), followed by some good old turtle wax, works a treat. The real question is the condition of the frame, which doesnt look too bad from here.
Love the rod brakes. Are they effective?