Looking after an old frame?

I've got an old 70's reynolds 531 frame, and I don't think I want to do a restoration as I want a beater bike. The frame has some surface rust what is the best way of dealing with this and possibly coating it to stop the rust? or is a respray the only answer?

Touch up paint and clearcoat.

Waxoyl. Scrape off rust that could get structural with the back of a hacksaw blade then paintbrush waxoyl everywhere. Nobody will nick it as it makes it look shit worked for me for years!

Do Waxoyl do something clear?

Halfords do Hammerite No1 Rust Beater which i have used on similar areas.

Waxoyl is good and stuff too i use it on bare threads and thinned down as an inner frame saver, or i cheat and use chain lube.

kind of linked to thread, I used this stuff on an ali frame i stripped
[COLOR=#0066cc]http://www.frost.co.uk/item_Detail.asp?productID=7939&frostProductName=Eastwoods Clear - Gloss Finish for Bare Metal Surfaces (312g)[/COLOR]
[COLOR=#0066cc][/COLOR]
[COLOR=#0066cc][URL="http://www.halfords.com/webapp/wcs/stores/servlet/product_storeId_10001_catalogId_10151_productId_166423_langId_-1_categoryId_165594&usg=__iHYtRHNLt38NvUCm5MXfQLQkF3Y=&h=200&w=200&sz=11&hl=en&start=8&um=1&itbs=1&tbnid=f4laUcA27aMJTM:&tbnh=104&tbnw=104&prev=/images%3Fq%3Dhammerite%2Brust%2Bbeater%26um%3D1%26hl%3Den%26safe%3Doff%26sa%3DN%26tbs%3Disch:1"][/URL][/COLOR]

I still have a pot of "Finnigan's Underbody Seal with Waxoyl" in a yellow can that is basically clear but I think Finnigan went bust cause I can't find it anymore.
Hammerite probably does a clear waxoyl though?

Save your money and wipe it down with a greasy rag. Just drying the bike after wet rides is the most important thing. Unless we are talking proper red rusty then the greasy rag is king.

jenolite is the nuts. The ministry of defence use that ish son