Fantastic job. I'm a great fan of cleaning up machines (check out my profile) but I steer clear of rusty machines because I know how much work is involved. But if it's a family heirloom you have no choice, you have to tackle the rust! You will have hours of fun using that machine.
A solution of white vinegar and salt is a good rust cleaner. If I remember right the proportions are 2 tablespoons of salt to a quart of vinegar - but I'll have to check.
As for coke, if it cleans rust, what does it do to your insides? No prizes for guessing what I think of coke.