Back in the day 10 over fork tubes were the thing to have. You could buy 4-6 inch extensions that would screw into the top of the fork tubes. Frank from Forking by Frank made a ton of money making 10 over tubes. Now he is a great provider of replacement stock length tubes. This bike is well worth saving. Please keep us posted on your progress.
You should consider building a small media blast cabinet. My cheap 5hp compressor with some buffer volume works fine, and glass beads work magic on old rusty crusty parts. Trick is to get a good shop vac to suck out the dust and put it somewhere it doesn't get inhaled.
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