As far as rust on steel or plated steel, it's been my experience with old tools, knives, cars, bikes and motorcycles that surface rust can usually be effectively kept from getting progressively worse at least over the timespan of a couple of decades by the simple expedient of periodically gently wiping the affected surface with a slightly oily rag and keeping objects in a dry place with decent air circulation to prevent condensation wetting. I think presumptively assuming that the presence of some surface rust on steel is necessarily indicative of an inevitably progressive ongoing destructive process would be a significant oversimplification- again at least over the timespans we're around as conservators.
If these simple precautions are taken, in my opinion aggressive restoration like stripping, repainting and replating is likely to be far more destructive than the presence of some surface rust on a well cared for bike. I can't even imagine wanting to repaint or aggressively restore any of the bikes Alex posted links to photographs of. so much would be lost in the process.
Primum non nocere.
Kurt Sperry
Bellingham, Washington
USA