I dismantled the bike today, as far as I could. Most parts came out/off easily, except for the bar stem and the headset lock nut. They won't budge, so they are currently soaking in WD40. Hope that helps.
The chrome is not great, but should polish up decently. The paint is in bad shape. The white has gone all chalky, and the red is bubbly because of the rust beneath. It will have to come off, I'm afraid.