How do you plan to keep the rust in check? I might do the same thing to my Trek soon.
It'll need a full service anyway, so I might as well strip it down completely.
I am planning to coat with Ankor Wax by morris lubricants HERE
I will visually keep an eye on it in the places needing any eye kept ! If and when it's toast I will get anther 18" Kona frame and transfer all the bits.