Hi Bill
I have an Admiral that is a bit older than your set but the condition of the chassis is about the same or worst. It had a lot of rust. I pulled it a part and used a wire wheel on it then gave it a coat of gray hammertone paint.
Looks great! Before:
http://www.flickr.com/photos/4277432...n/photostream/
After:
http://www.flickr.com/photos/4277432...n/photostream/
GL
Terry