I started by removing all the components, then stripped the original paint off the frame. I had been warned this would be difficult, and it was. Getting the frame completely bare took me ~25 hours. I went through a can of paint stripper, a lot of steel wool, and a circular wire brush (I used a drill to get paint out of the the nooks and crannies.
After setting up a studio, I got to work painting the bike. It took about a month of actual painting to finish this stage (somewhere in here I stopped entirely to study for the MCAT).
I was able to conserve some of the original components including the cranks, the handlebars, and the seatpost. I polished the aluminum with steel wool for hours to restore some shine to the metal. I ended up replacing both wheels, the fork, the brakes, the bottom bracket, the tires, tubes, saddle, etc. etc.
Here's the few photos I do have. Enjoy!
This is the only original photo of the bike. Without the close-ups, it is pretty difficult to see just how gross and dilapidated this bike was. We're talking chipped, rusted, spider-infested, greasy...the seat foam was rotting...etc.