Removing rust from vintage Schwinn bicycle?

I am trying to remove some surface rust off of my bike. It’s a ’73 Schwinn Collegiate, and there’s a decent amount of rust on a couple parts with the wheels. It’s nothing terrible but some spots all over. Doesn’t look like it’s deep into the metal. I want to restore it to a good enough amount to look nice, but also on a cheap budget. I’ve seen using fine steel wool and metal polish works quite well. Can someone with experience that’s done this confirm that?

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