Welcome! Your project looks very similar to my '75 cb550. I just started working on it. I'm a complete newb when it comes to street bikes, but I have been working on old cars, atv's, boats, and just about everything else for many years.
I didn't plan on spending a lot on my rebuild. It has been sitting since 1985 (ish) and was in pretty rough shape. While completely stripping the frame and powder coating is top notch, it's way more work and money than I'm willing to put into it. Your situation may be different. For my frame, I went a section at a time. The rusty areas, I hit with a wire brush on a drill, sandpaper, and scotch brite pads to get the loose rust off. A quick wash down with brake cleaner or whatever solvent I had handy, and then some rust reformer. It's the rustoleum brand black stuff in aerosol form. After that, I used regular rustoleum in aerosol. Tractor & implement paint would work as well. If you're looking for something that holds up better, you can buy aerosol cans of single stage 2-part paint. Eastwood sells it, but there's at least one other brand out there. If you have a spray gun and compressor, you can shoot either rustoleum, tractor paint, single stage 2-part urethane, or base/2k clear. I have all that stuff, but again...more work than I was willing to do. If mine starts looking bad over time, I'll eventually redo it using something better.
Your upper forks look rough. If they're functional, sand the rust off and treat it with whatever you choose. Some stock-style fork covers/headlight brackets will hide it, if you don't mind getting rid of your clip-on brackets.
The engine is painted from the factory. I took a small wire brush, sandpaper, and scotch brite to the whole thing. The fins will keep you busy for a while. I used engine paint on mine, but again, there are plenty of options. The main thing is to clean very well. Any paint is worthless over oily substrate. A good wash down with dawn or degreaser and plenty of brake cleaner helps.
For rusty chrome, there are several YouTube videos that are helpful. Most of them didn't work for my junk, so I replaced handlebars (they're pretty cheap), shocks (the originals are probably toast anyway), and exhaust (I'm going with a stainless aftermarket). My wheels are also ratty, but I'm going to replace them later on.
I hope this helps give you some ideas. Also, keep in mind that many of these parts are really cheap to replace and just aren't worth spending hours trying to make them look so-so. For example, the chrome on my mirrors were really bad. New ones were around $25 or so. I replaced brake/clutch levers, plenty of hardware, etc. You'd be surprised just how inexpensive some of these parts are to replace... and also how expensive other parts are 😆!