Quarterbore's Forums - New To Me Old Lathe

I just purchased a used model 200 LOGAN lathe, paid what the man asked delivered 50 miles to my home 1500 cdn. Lathe was advertized with no pics or location so I called, he had a few lookers but no serious offers that didnt want to split it up. A quick look at the lathe revealed that the motor and stand were off and it had a horrible coat of yellow paint however the bed is in perfect condition, the headstock is tight and other than the paint it was in nice shape. I thought that the price was a little too high , he said thats not all and showed me to a trailer and said it also comes with all the tooling and odds and ends my father accumulated. So this is a list of some of the items it came with-- complete set of collets + the hardware for same, taper attachment complete, 3 + 4 jaw chucks, 2 faceplates smaller round + larger square one, 2 knurling tools, 8 different toolholders, milling attachment complete, 6 assorted carbide toolholders, 4 dial indicators, 2 depth mic sets, bore gauges up to 3 inches, 4 micrometers up to 6 inches, many reamers up to abt 1.5 inches, 5 different lathe dogs, abt 30 lbs of drill bits the largest being near 2 inches, at least 4 live centres largest abt 2.5 inches, oodles of hss tooling, lots of handbuilt accessories, 3 machinist toolboxes 1 of which hac a complete machinist square many rules and thread-radius gauges. The only thing I really want or need to go along with it that I don't have are the toolpost wrench and wrenches for the toolholders. I HAVE 3 NEW 5C COLLETS that are over 1 inch diameter that I don't seem to have the tooling for that I would trade for the period style wrenches. The only other things I would are a round indexing cross slide vice and a quickchange toolholder set.
Lathe has some minor surface rust on the chucks and some of the tooling, my questions are is there a betterv way to remove the rust than a scrubbing with steel wool and what would be the preferred way to remove the old paint before repainting. TOM