From the suggestions so far, I think I have a plan of attack. The frame has been stripped - bottom bracket is off, headset will be next. First, the grease, oil, and grime will be scrubbed off with degreaser and Simple Green. Second, I’ll work on the rust spots to the extent that the paint isn’t further damaged. Third, I’ll try a light rubbing compund to smooth out the remaining finish, followed by a polishing compound to really smooth things out. Finally, I’ll apply a few coats of wax. I think that’s about as finished as a “fishing bike” should be.
__________________
Some days, it's not even worth gnawing through the restraints.