With so much to do where do we start? One train of thought says to just start taking it all apart and get to work. For me, I thought I would just start doing a bunch of smaller pieces one by one so I could still ride the bike and the project wouldn't turn into a "basket case".
I went to the auto parts store and picked up some steel wool and chrome cleaner. I already had some 220 and 600 wet/dry sand paper along with polishing compound, wire wheel and lots of other stuff that'll help clean things up.
We started with the front fender and these two pictures show how it cleans up. The finished product looks pretty good but if you get right up close you can see the small pits that the rust leaves.
In the process of removing parts I also took the time to clean up the heads of bolts and some of the nuts/washers. In the future, I see myself buying a tumbler or vibrator to clean up the small parts. For now though, we'll just clean up the small parts as best we can and put things back together.
Here is the start of the front brake hub with the speedometer cable and brake cable removed.