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Frank, my bike was in much worse shape than that. All of the rusty areas look to be on the stainless metal - the chain guard, sprockets, mud guards, spokes, rims, etc. Just using 0000 grade steel wool polishes that stuff right off. Use a little chrome polish with the steel wool and you would be amazed at the results. I would just degrease and keep the purple frame as is. It looks fine. As for the seat, I have seen repro seats in that style on various websites, like ebay. Nice bike!