OK,, I have never done a bicycle before, several motorcycles but not a bicycle.
I am helping a friend redo an old IronMan, about twenty years old and has been
sitting for over ten years in a garage.
I took me less than an hour to strip the forks with a common electric sander. A
bit of chemical stripper on the welds and a wire brush and it was bare clean metal.
Only down side is it is a bit dusty, so cover things and use a mask. I used 120
grit paper and it lasted fine and cut quickly.
Three coats of primer, waited 24 hours, light sanding, three coats of dark blue
Toyota paint, Duplicolor spray can, four coats of Duplicolor clear and it looks
just like it did when it left the factory. A near perfect color match.
The frame is clearcoated aluminum and in good enough shape we are
going to leave it as is. That way we save doing the decals.
New pedals, brakes, cables, all the bearings cleaned and packed, new
rear axle and bearings, the original was bent and wore the bearings
badly.
It was stored in the dark so the tires seem to be fine, new rim tape and
tubes and a lot of cleaning a polishing and it is starting to look like new.
Total cost of rebuild is just under $60 with all free labor!
Here is a thread with pics.
http://www.cyclingforums.com/forum/thread/481463/redo-on-an-old-ironman-mountain-bike#post_3979981