It was a bit of highs and lows over the past couple of days. I cleaned up the frame a little bit (well a lot) more. I took a wire wheel to it and removed any imperfections and gave it a bit of a tooth for the powder coat to grab a hold to. Also spent some time sanding the rear brake plate and then I polished it up nice and shiny today. Took the rear tire off the wheel and at some point instead of using a rubber strip to cover the spokes they wrapped a couple layers of duct tape over them. Spent some time with the wire wheel on the inside to remove the glue and rust. I will soak a towel in Prep-N-Etch and lay it over the inside of the wheel to take care of the rust. It will take a bit working the towel around the wheel, but once done it should be just fine.
I pulled out the Japanese grease fittings to replace them with some standard zerk fittings. I drilled out the holes in the swingarm pivot bolt, but when I went to tap them my bit broke. I tried to get it out, but failed. Luckily the SL350 I picked up from dusterdude uses the same bolt so I was able to swap them. A new tap and some extra cutting oil and all is good now.
The rear wheel had the bearings replaced at some point with sealed bearings. They spin nice and smooth so I thankfully don't have to mess with them.
Before
After