Thanks for the compliments. The fenders turned out pretty well. I didn't worry about dents and the rear actually has a 1/2" tear in it. The stays were in great shape but the undersides were a mess. I debated what to do with them, then decided to go with a citric acid bath scrubbing with a wire brush and aluminum foil. I got most of the rust off but there were a few large patches of rust on the underside the were really thick. I got them as smooth as I could and ended up spraying the undersides with rust reformer, chrome paint, then clear.
After finishing this project, I thought about the different difficulties I encountered. The pedals were a pain because they couldn't be disassembled. Cleaning up the rims was not much fun either. I estimated I spent around four hours on each rim. The paint on this bike was really thin in some spots and I probably took off more than I expected. Overall, it was a great learning experience compared to the newer lightweights I've finished. Now, with all my new found knowledge, I just need to decide what bike to work on next!
