Bronze Wool - Fine
Blue Magic Metal Polish
Various shaped wood handles
Cotton T-shirt rags
1). Take pictures!
2). Remove Rust. Rub all metal with bronze wool to remove the rust. Be careful not to rub nearby paintwork and scratch the clearcoat.
Note: Bronze is a soft metal so it won't scratch the chrome. Bronze also doesn't rust like steel wool so any residue that gets stuck in the cracks and crevices won't rust.
Tip: Wrap the various shaped wood handles with bronze wool to get into the hard to reach places. It takes some strength and lots of repetition.
3). Wipe the metal's surface or blow with compressed air to get rid of all the residue.
4). Polish. Use the Blue Magic polish and a clean cotton t-shirt. Apply a generous amount of polish to the metal. Don't go nuts
but you want to get it on all the chrome surfaces. The polish may turn black depending on how much grime/corrosion/whatnot is still on the metal.
Note: The polish leaves a coat of silicone to protect the exposed areas (pits and peels) and slow the rust from coming back. Try to get good coverage of the metal.
5). Clean off polish. Don't kill yourself getting the gleam just yet. There will be little streaks. Just wipe it clean. Keep turning the rag to use clean parts so you don't drag polish onto your wiped surfaces.
6). Examine. Are you happy? Think another round will get it a little bit better? Hit it again. If the metal was really cruddy it'll be worth it.
7). Hard polish. Get another clean rag. Rub the living bejeezus out of the metal until it gleams like a Mr. Clean ad.
8). Carnuba Wax. Optional. Some people don't like this because it dulls the shine ever so slightly. I do it because it adds one more layer of protection. A lot of the things I do this to are for display and need to be wiped for dust often.
9). Do a final polish with microfiber.
10). Enjoy, take pictures, and reward yourself.
Other metals will polish with various degrees of success and difficulty. Cast aluminum is used a lot on vintage bikes/mopeds. It actually shines up really nicely. However, expect to do many, many repetitions. The center of the wheel above is cast aluminum.
Rough cast aluminum can be brought to a smooth-ish shine with tons of work. Read about it on the internet before taking it on.
Nuts and Bolts:
Rusty nuts and bolts are tough. If you don't mind putting fine scratches on them, you can use a steel brush like the one to the left of the TR3 in the picture. That's from an AutoZone detail kit.
DO NOT DO THIS with a large bolt that shows. With a large bolt head use bronze wool, tons of elbow grease and blue magic.
Use various types of pliers to grip the nut/bolt. Be careful not to crush threads. Using many hard strokes rub the rust off the nut/bolt with the steel brush. Turn bolts sideways and brush them to clean the threads.
Use Blue Magic to finish.