Well the weather was finally nice enough for me to hunker down and get cracking on this. Someone over at sporttouring.net suggested using 000 fine steel wool with CRC or WD40. Man, that works great! I only got a chance to try a small area on the forks, but it worked like a charm. Got some tiny pits in there from the rust, but I can live with that, I'll just stay on top of that from now on.
What really surprised me is how well it works on the painted wheels. I was a bit leery at first, but if you're careful and use a good amount of lubricant it just blows the oxidation clear out of there in no time. It's would've taking me ages using wheel polish. I'm gonna try it on the rusted areas behind the fork on the frame to see how that goes. Once I get most of that off I'll treat it with a rust sealer and spot paint the area.
The only real problem area seems to be the gold on the front disk. I was trying to take the rust spots off it, but only the paint was coming off! Not sure why that was, as the steel wool was working like a charm everywhere else. I'm going to have to have a bit more finesse with that area.
So far I've done mostly the lower part of the bike. Gonna work my way up during the week. That steel wool is a chore saver. I don't feel so bad about tackling all the rust and grime that's built up on my bike now. This thing is actually going to look respectable again!