Bikemom28 wrote on 12/31/69 at 16:00:12:

If there's more than a thin coat of rust, muriatic acid and aquarium gravel is one of the best methods to use to clean it. Mixed 50/50 with water, it will remove all the rust and leave the good metal. The only problem is flash rust after cleaning. I've used muriatic acid to clean a couple tanks. I coated the last one with POR-15.

I add my two more cents - thinking on it agree might be good to replace the tires, irrespective of wear - check sidewalls for cracking.

Metzlers are best but pricey (if you go that route a question on here will evince the type). I use Dunlop 404s - way better than standard & a good price (I think the front was in the mid $40s off the internet).

oh yeah - if you go with the route of changing the pads/shoes as was mooted by another contributor the least I'd go with is something like EBC brand - cheaper than oem & better.

all the hints you are getting & what you are planning may add up to a bit more than the "few hundred" you see putting in it, but you'll end up with a better bike for still a great price!

Vinegar should work just fine for the tank.  It removed ALL the rust off the badly rusted headers and pipe on my Formula Vee.

Tom