I used wd40 and a rag. Then I used polishing wax. That was on a 36 Elgin that I though had no paint left whatsoever. The wd40 took the grime off, and the polishing wax brought the red and white paint back to awesome, without hurting a single pinstripe. Yours looks to have the majority of its paint, so you will probably have an amazing bike once its cleaned up. Definitely would not repaint that, and I'm somebody that ain't afraid to repaint something.