Alienbaby17, your bike does look like mine. They had many really neat designs, but the Hawthorne Comet/Western Flyer equivalent is still a favorite.
Nice story, Balloonatic. I'd love to see that Hawthorne you restored. And the Hiawatha.
37fleetwood, I thought really hard about buying your bike. It was my backup plan. My plan for the Hawthorne is to find some close-matching spray paint at the dollar store here (because it's cheap) and paint over the original paint, using the original graphics as a guide. I used a similar method to restore this really old painting I had, with pretty good results:
I'm just kidding! I plan to very carefully sand down any heavy rust and brush down a water-based rust converter on the rust areas and bare metal, wiping it off before it dries. This will turn the rust and bare metal black. Or, I may just soak the painted parts in Evaporust, carefully monitoring the paint. Once I have completed either of those steps, I plan to very lightly and carefully polish the paint with a product like Meguiar's Deep Crystal Polish, avoiding the pinstripes. Then I will wax it.
The plated parts will be soaked in Evaporust and then polished and waxed. I may wipe silver paint over the parts so it fills in the pits and flaked areas, then wiping the paint off of the plating. The rubber parts will be cleaned and treated with 303 Aerospace Protectant. The bearings will be repacked with fresh grease, probably the synthetic Teflon stuff made for bicycles.
I want to preserve the original finish as much as possible, while also removing rust and bringing back the color and shine. I much prefer a bicycle with original paint and some flaws over one that's been repainted and done to less than factory standards.