Should I be worried about this frame condition?
 

I don't know much about rust removal. This is a 72 raleigh competition, reynolds 531 tubing. Should I be concerned about the condition or is it purely costmetic?

I was reading http://www.bikeforums.net/bicycle-me...531-frame.html and am considering trying one of the solutions at some point.

It wouldn't worry me.

It wouldn't worry me either. I would wax it well to stop the rust from progressing. Roger

You're lucky; black is easy to touch up.

After stripping a couple of 3 frames with equivalent rust, I would not be concerned too much, but concerned to some degree, not being able to see what is under the paint. Look here for an example. I really dont' what to add a lot of pics!
https://www.flickr.com/photos/112094...7638854295965/

Before removal:

https://farm8.staticflickr.com/7449/...4260fa0f_c.jpg

After:
https://farm4.staticflickr.com/3782/...b1910e88_c.jpg

I was surprised at the amount of rust runners that were not detectable prior to stripping. I am glad I did. I did not find any rust throughs but some of the pits were good to expose. What I see in your pictures are equivalent to what I found on this frame.

I believe that the Capella lugs make it a '73.

Interesting! Did you sand the paint off or did it come off with the rust removal or some other product? Did you repaint the frame yet? I was hoping to see it!

I have a Capella-lugged Competition with the same bad complexion.

Get some Oxalic acid, ( deck wash, Naval Jelly etc ) and a toothbrush size wire brush, and go at the worst rusty place, say the bottom bracket area. When you see what is under there you will know if you want to proceed to an entire acid bath, or just spot treatments.
There is nothing like the peace of mind of soaking the entire frame in rust remover, coating the inner tubes with framesaver, and touching up all the now-missing paint on the exterior.
If I had a 531 Raleigh Comp. frame, I would go the whole hog.

@nau - No they are all in line for painting. I used paint stripper, wire brush, more stripper, another wire brush until completely clean. The first frame was frame dipped in OA, The tandem will have a rust converter applied prior to primer. The third frame is likely to be PC'd and I will let the painter hit it with a prep media blast which he has to do anyway.

The link has pictures of the stripping and results of the above description for the tandem:
https://farm4.staticflickr.com/3778/...dc2d4b06_b.jpg

I would get a Dremel tool with an emery cloth disc a can of Tremclad Black rust paint and a small sponge brush, hit the rough areas with the Dremel tool, you need a light touch though, that metal is thin and you don't want to remove any. You do want to get to smooth metal, give the whole bike a nice cleaning with some rubbing compound (avoid the decals), then some rubbing alcohol. Touch up the areas you smoothed over with the Tremclad, touch up any scratches and scrapes at the same time. Hang the frame in the garage, and leave it alone for a month or so, to let the paint harden. Give it a nice coat of hard car wax. While your waiting for the paint to harden, you can clean up and get the other parts up to spec. Now build the bike back up and it will look like a million bucks.