looking at that bike, it doesn't like it is in that bad of condition. i would just try that 3m stuff and go to town with polishing. i think a ton of the rust will come off the rims with light sand blasting and or steel wool. that stuff is amaizing. i have had bikes with painted rims before, what a mess. only do that as a last resort. you would be suprised how much of that rust comes off with tons of work.
swarm and destroy