The British chrome from this era is actually pretty heavy nickel chrome so you can clean the rust of with steel woo and WD-40 or other penetrating oil even if you get bit aggressive there will still likely be enough chrome to to polish and wax. I would say there is a very good chance that this bike can be brought back to look close to new. I really like the Nottingham work shop forge tempered frame sets from the 70's even lowly Gran Prix and Super Grand Prix so the Super Course II is just a great bike.