Well, I've got good news and, well "it could be better" news. I attacked the rust pits on this bike's frame and I tell you what -- WD-40 and steel wool is a wonderful thing. I have successfully removed all traces of rust from my motorcyles' exhausts on more than one occasion using this combination, and often the rust was heavy enough where I didn't think I could bring it back. But I always have. I held out less hope for this frame, though.
But I was pleasantly surprised, this WD-40 and steel wool got rid of all of the pitted areas of almost all the frame. The exception was the top tube where some small flakes in the chrome have happened, and the forks, which were very heavily rusted. The WD-40 and steel wool got rid of all the rust on the forks, it's just that they don't look as bright as the rest of the bike.
About that top tube, as near as I can tell, those spots where the chrome has flaked off are not indicative of any deeper corrosion. I pushed down on those areas hard and I could get no deflection. And around the hole, I chipped back just about all the diseased metal and what remains around the periphery looks like good tube metal. I didn't have any magnification or lighting or measurement tools, but just using my old Mark 1 eyeball, I'd guess at the tubing thickness right there to be about 1/32".
I'm gonna check around, see what it might cost to get that spot repaired, and then perhaps to get the frame rechromed. I'm thinking I might can find someone local who can TIG weld a patch in there. As for a rechrome, who knows. I'm bearing in mind the rabbit hole you guys have mentioned.