I'd hate to tell you all how often I
ride my bikes in the rain, this being PDX and all. As far as I can tell, they handle it just fine. To be fair, I do tend to keep them in a garage now (don't trust neighbors), I do all the regular maintenance myself and I try to remember to wipe them off when they get dirty. Does that count?
I'm not done with the '69 Honda yet but I have a feeling it won't instantly melt in the rain either.
I understand about doing what you can to hold back the rust, especially on something you've put so much time and money into. I happen to
live in rain. I've gotten past worrying about every little rain drop and snow flake that hits it. Overall, the 4 bikes and I are much happier now. We understand that all of us will all end up with some rust eventually.
There is a big difference between letting your bike get rained or snowed on and letting it sit there and rot.