Neil, I would resist the temptation to have it resprayed totally. Perhaps if
you can match the colour blow in some colour to stabilise the rust. Better
still clean it and wax it as you suggest. 'Oily rag' bikes are often more
interesting and valuable that glitzy restored jobs. As far as components are
concernd you could trade the '50's bits for some '30's bits. Or spend many
happy hours talking and meeting other collectors via the net as you hunt
them out and learn a lot in the process. I find Hilary Stone a good source
of early bits and his ebay descriptions are very informative. (
Hilary.stone@blueyonder.co.uk ) I have learnt a lot about obscure parts
from the descriptions of the reputable dealers.
Mark Stevens Evanton.. Scotland