First, I took a few swipes at the chainring with fine steel wool and some light oil to see what I was in for, and it looks like it's going to need a more extensive treatment.
I removed the decaying plastic (or very old, thin rubber?) grips, and found a mess of cardboard, or paper, or cork, or something underneath, which is proving difficult to chip off.
Here's a photo of the small spot I started on the handlebars, which also shows the poor shape they're generally in. Still, I got this much done with just a touch of oil and the steel wool, so that's encouraging.
The front hub and rim are shining up beautifully. I only just got started, so I didn't take a photo, but they will fairly gleam when finished. The front hub has apparently been serviced somewhat recently, too, since the bearings are still well-greased. All-in-all, I'm still pretty encouraged.
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