This bike is a later model than previously mentioned; the 58-60 had a different tank/headlight - see attached picture of a 58. An Oxalic Acid bath should take care of most of the surface rust. A vigorous rubbing of the chrome with aluminum foil and water will work as well. To match the red paint, Duplicolor Chrysler Inferno Red - BBC0412. If you decide to disassemble the springer, PM me.
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You have a very complete bike, including the rear taillight with battery box. Reproduction headlight bezels can be found on eBay. IMHO, well worth the effort to restore. The numbers stamped into the left rear dropout will give you a year and model.