Thanks Alan
I am going to keep the original and not respray. Really trying not to spend too much on it, but chain, pads and cables are required.
However, I was cleaning the frame up last night, the rust seems to be worse than I thought and it doesn't show on that picture. There are several patches of what I think is just surface rust, as the inside looks quite clean from what I can tell.
I've started to remove the rust with a bit of tin foil scrunched up, seems to work, it leaves quite a smear but then rub it over with metal polish and it clears up, but does leave a small black mark in its place, is this where the paint got chipped originally I wonder?
I did try some autosol, but it damaged the paintwork, thankfully on the underside of the downtube so wont be too noticeable, maybe I used too much.
Will post some close up pics later.
Rich