For the first part, please click here.
After cleaning the rust, there's one thing to clean up, specially in the Chain and the Chain Rings: Grease.
Grease can be tricky to remove, specially if you don't have some Gasoline, an Air Gun and an Air Compressor. If you have all that, then you'll be fine, just take the greasy parts and spray them with small shots of gasoline, take your time and don't waste too much gasoline by keeping the gun trigger pressed non-stop. The air pressure will take care of reaching al the little corners without too much effort. Make sure to wear protective stuff and to be ready for things to get a little greasy, use a piece of cloth to clean some grease/gas excess from time to time.
Submerging the parts in gasoline is also a possibility, but I'm guessing it takes more time and involves using a brush at some point, it's just too messy but it works.
The last things that must be cleaned are the spokes + rims and some rusty nuts + bolts. I used some Steel Wool for the spokes + rims. Steel Wool can be a killer to clean those things, but it can also be a killer to your hands, so make sure to wear gloves. Then, I used some rust-eating acid from the paint shop (not the Oxalic Acid I mentioned earlier, but some red acid on a small bottle) to submerge the rusty nuts + bolts and it worked like a charm (make sure to use some tools to deal with the acid, never touch it with your hands).