The parts of this bike spent the weekend soaking in Evaporust. I ended up dropping the tank in in hopes that it would clear up the few spots of rust and I'm happy to report that it did just that. The fenders look much better and the photos don't do it justice, but they're not perfect by any means. It looks miles better than it did. I plan on cleaning up the engine tonight and the handlebars are still soaking. I should have it totally back together tomorrow sometime.
As it's obvious from the pictures, there are a few things on this bike that are beyond saving without restoration. The front brake lever is toast, and the headlight is way too far gone, but I think just about everything else is in pretty good condition. Even the wheel halves turned out to be in good shape, and had absolutely no pitting on the inside portion (under the tire).