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@VanUden
WD40 and wire wool would clean up the exposed steel on the frame and protect it (at first) from getting more rusty. But be very careful with wire wool on the good remaining paint as it could also lift more paint. You'd also need to do this every month or so to stop the rot from spreading unless you cleaned it up and then gave it a light coat of clear laquer. Personally a frame of this age and value is probably best kept with its original paint, it has a patina and lends the bike character.
As others have said I think this would work best as geared rather than turning it to SS or fixed. Ebay or the 'for sale / wanted' forum here are great places to look for decent period used parts that won't break the bank.