I just went thru this excercise with my '68 convert. Steve is right, about pulling the engine to have open access to the engine bay. Not knowing first hand the extent of any rust you may have, its tough to offer a solution there. As far as cleaning, prep for paint, its a grunge job. I used Gunk, mineral spirits, steel wool, rubber gloves for cleaning prior to prep for painting. Any rust must be sanded & treated prior to paint. I use Ospho (available at NAPA) to treat the sanded, rusty surfaces. After everything is all clean & pretty, soak a clean rag (actually I use paper towels) with alcohol and liberally wipe ALL surfaces to be painted. (If the engine is out, this is the time to clean & paint the steering components - steering rods, P/S ram actuator with Cast Blast - available from NPD.) Naturally mask of the hoses (I replaced mine) with BLUE masking tape.
Krylon used to make the best satin finish for the engine compartment, but they evidently changed their formula and now its too glossy. Believe it or not, I found the best aerosol satin finish at Wal-Mart!! I used it on mine, and its just about perfect.
As far as the metal lines in the engine compartment, don't worry if black paint gets on them. After all the black surfaces are painted, go over the steel lines with steel wool (I use 000) to smooth them. Then use Seymour Stainless Steel aerosol to paint them. I put paper behind the steel lines to prevent the silver overspray from getting on the fresh black paint.
The steering box & master brake cylinder should be sprayed with the Cast Blast aerosol. Just put paper & masking tape behind/around these units to block the overspray from getting on the black surfaces. The hood hinges can be painted with the Cast Blast also (best to remove them for cleaning & painting).
I replaced ALL of the fender bolts with fresh cadmium finish. This should also include the 12 bolts that are along the side of the shock towers.
If all of this seems over whelming, fly me to SEA, feed me for 3 days, and I'll do it all for you!! And when I'm done, it will meet or beat MCA standards:smile:
Neil