40’s Schwinn DX klunker Build?

No major problems ahead. What rubbing compound would be best to use to freshen the paint more? Am I best to just leave it with the Linseed Oil?
 
Could that be gilding the lily?

I'm not by nature a heavy patina kinda guy but yours just looks so right. However, given you have it there in front of you, you'll be best placed to judge!
 
No major problems ahead. What rubbing compound would be best to use to freshen the paint more? Am I best to just leave it with the Linseed Oil?
You could use auto painters polishing compound from the auto parts store. This has worked real well for me. For a budget attempt you could also try baking soda and or toothpaste. If it’s real dirty in places, like around the axles, bottom bracket, headset or seat stem you could try Barkeepers Friend, which is much finer than regular abrasive cleaners and contains oxalic acid which eats and etches rust. Wash it well first with Simple Green or auto wash. There will still be a lot of dirt ground in and the polish will remove most of it. I would then clean it with thinner or Rustolium paint prep and then etch the rust with a very thin rag rubbed in coat of Ospho to prevent the return of rust. Then, after 24 hours Ospho drying time, a very thin coat of boiled linseed oil. I personally don’t use linseed oil but instead use Penetrol, which is sometimes used as a marine rust inhibitor. Penetrol is also a linseed oil and modified soy oil drying oil. I get Penetrol and Ospho at my local Ace Hardware store. I wonder if tooth paste or Barkeepers Friend would remove more ground in dirt If it was mixed with a gentle solvent like thinner? Your used linseed oil and Penetrol rags will both spontaneously burn if they are wadded up in an enclosed space like the garbage. In wood working shop a locker would occasionally smoke or burn because a student didn’t heed the warnings.
 
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