Dean,
There's a product called Evapo-Rust that removes rust and coverts the surface layer of the steel to a more stable form of iron oxide.
Check out CR member Don Gilles' Carlton clean up with Evapo-Rust:
http://www.ece.ubc.ca/
I've used it myself and it takes a little longer than the advertised time for good results.
Manually remove excess rust with a weapon of choice - steel or bronze wool, a wire brush etc. Put the rusted parts in a container with Evapo-Rust and let it sit for a while. For heavy rust it might take overnight. When done theres a black coating of carbon on the rusted areas that is easily washed off with water and a soft brush.
For removing ubiquitous rust around brake cable braze-ons on the top tube, I take a dental pick and gently remove any loose rust then stick a Q-tip dipped in Evapo-Rust into the cable guide. I have to cover them to keep the stuff from evaporating and reapply it several times time for heavy rust but it works. It can take a day or longer.
There are also some other similar products on the market.
Chas. Colerich Oakland, CA USA
Dean Kernan wrote:
<snip>
> I have never tackled a restoration of a bike with that kind of deterioration
> and rusting, especially on all the small Campy bits--screws, nuts, etc.
>
> Is there a good method for restoring these small parts? Or are you likely to
> end up on the hunt for replacements in better condition?
>
> Thanks,
> Dean Kernan
> Pomona (the cold one!), NY