The headset looks awful but is decently smooth and should be fine. The bottom bracket isn't perfect, but it’s tolerable. I may yet sand some of the worst of the rust off - or maybe I'll just start assembling this beast.
Next up - pulling the freewheel and repacking the hubs. I'm hoping they’ll be fine with cleaning and fresh grease.
Looking back over the past six years I've played this game, this is easily my gnarliest save to date - even Magenta the '88 Centurion LeMans had less rust. I suspect the grease, grime and animal hair it was liberally coated with preserved it, like some form of Cosmoline from hell.