That's a beauty! Is the serial number on the drop out, post 52? That is going to be a serious head turner going down the road!
When I was working on my teens Pierce I thought I was going to break all the spokes due to rust and crust. I hit them all once of twice a day with liquid wrench for about a week and then warmed them up a bit with a heat gun. Before using the spoke wrench I went around with a nail set and tack hammer and gave the end of each spoke a couple taps. I was able to get them all turning and trued the rims with only one broken spoke. The one that broke had an area where the rust was half way through, it was a goner anyway.
Gary