Clean it real good and use some Bo-shield or WD-40 and spray and wipe to death. The surface rust on the frame can be cleaned up and carefully painted with some newspaper and masking tape. I like Seymour Semi-gloss (16-838)for those areas. One of the best parts about owning a musclcar is doing the clean-up and detail work. Its rewarding!
P.S. don't get any WD or Bo-shield on surfaces you want to paint. To tough to clean off.