Restoring A Bicycle

[Fleet 500]

I have decided to restore a bicycle I've owned since about 1974. It is a "dirt bike" (that was the popular phrase for it back in the '70s).

Someone gave me a Schwinn frame back then and I added the parts.

I stopped riding it over 10 years ago because I was riding other bicycles; a 12-speed, a mountain bike and the reproduction Stingray I currently ride.

Unfortunately, the dirt bike has been in the backyard, exposed to the weather so it has quite a bit of rust. I am going to replace the entire rear rim because it's missing some spokes any way. Maybe the front rim, too.
The bike will be repainted black.

Does anyone have any suggestions or tips for restoring a bike?

Here are some photos of it. The first one is from the mid-'80s when it was still being used frequently and the other pics show it in its current condition.