I agree with Joe, that bike looks very good in the photos. The paint color and details would be next to impossible to match exactly. A re-paint would never look as good. Keep it the way it is, changing the perishable things like tires and tape. For light rust I use a rust remover from Eastwood. I think it's non-acidic; it doesn't harm paint at all. I find it less harmful than abrasives and more effective too.
Paul Arbez
Vancouver, B.C.
Canada