Once you have enough posts to post photos, go ahead and do that!
I've 'restored' a beat up Kona Cinder Cone this summer, and I'm working on a Miyata 912 that was somehow worse (don't buy bikes with rust that used to live near the ocean). I opted to DIY, since I wanted to preserve as much of the paint and decals as possible. If that's not a concern of yours, I doubt you can do any better than media blasting the frame and painting it with whatever method you prefer. Tackling external frame rust is tedious at it's best, and you'll want to invest in the appropriate paint and wet/dry sandpaper for your best results. Your friend with the auto body shop is very likely able to match the paint with chips from his paint supplier, bring the bike to him and let him match the color that way. I usually use a rubbing compound or polish on some unblemished paint to clear away oxidation and grime for a best match. If your friend does good paint repair or know someone who does, absolutely ask for advice on a process to use if you're only repairing chips and minor rust.
I remove the bottom brackets as a matter of course. I've yet to see an older BB that didn't have the start of pitting in the cups, and BB shells are notorious for developing rust. I've noticed on both bikes that the headset cups also tended to promote rust at the edge of the head tube where the outside of the cup makes contact. Bottom brackets are simple enough to reinstall, though if it's damaged (pitting on the races) you might want to consider replacing the unit. The headset cups can be pressed back into place, though the tools are not something I would personally invest in. I live near a bicycle cooperative, which has the tools needed to punch the cups from the head tube and pull the crown race from the fork. If you're removing the paint and rust by media blasting and want to reuse the components, they MUST come off.
Last edited by Unca_Sam; 01-03-20 at 09:33 AM.