Small update while I eat my lunch:
I've been grinding along on this thing all I can lately.
First, I disassembled the brake calipers and cleaned them up. I powdercoated them in a color I really like, called "Silver Vein". It is a textured finish that doesn't show casting flaws.
After the coating cured, I used rebuild kits from O Reilly Auto Parts (6 dollars per side) to make them as good as new.
Then, I started working on cleaning the spindles up. I can't tell you in words how much crud and grease was on these things. After I got one of them cleaned up really well, I went ahead and coated it in the same Silver Vein finish just for a morale booster.
A close up shot to show the vein texture:
Well, I am off the computer now and back to working on it.