Regarding paint and that. I echo what Matti says about BLO. Personall I'd also treat the internals with something designed to target rust and leave a protective coating. I recently started using corrosion x, which seems to have stood up well in tests and is used in the maritime industry. The hd version is pretty solid.
BLO on the frame itself, making sure that any courser crusty spots are sanded down lightly. I'd refrain from clear coats as they don't really offer anything positive. Cheaper ones tend to have yellowing issues and they offer little corrosion resistance. If anything they make it all harder as rust will form under the clear and you'll have to sand down the clear to treat the rust. BLO applied once in a while will do a better job than a clear.
BLO on the frame itself, making sure that any courser crusty spots are sanded down lightly. I'd refrain from clear coats as they don't really offer anything positive. Cheaper ones tend to have yellowing issues and they offer little corrosion resistance. If anything they make it all harder as rust will form under the clear and you'll have to sand down the clear to treat the rust. BLO applied once in a while will do a better job than a clear.
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