At the moment I need the seat from it so started soaking the bolts in pb-blaster. It just soaked in, kinda like when they painted the house on Green-Acres! I'll keep after it and see if the bolts will break loose next weekend.
The frame and forks look straight and I don't see any major rust pits any where. The handle bars are a different story, the look like water froze inside of them and split open.
Have Fun!
Marty