Thanks for all the replies:
is this the type of flex hone you were on about? remember that seat tube is pretty thin metal
https://www.youtube.com/watch?v=EB6_IuaRXYs are they long enough to reach the bottom of the seat tube?
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Yes, that's the one. You can buy an extension shaft for a drill which allows you to reach the lower part of the tube. When I lived in the US they seemed to be a pretty common tool in bike workshops (some even
sell them). You just use them for a short while at low RPM in order to clean out the tube. Over here in the UK you can only seem to find these three-pronged
brake cylinder hones, which are much more aggressive.
I used Framesaver on several of my bike frames, it sprays on and forms a soft solid sort of coating that is similar to the color of rust.
Interesting, that's good to know. The colour in my tube was pretty uneven so it really did look like rust spots (the surface looked coarse too). I'd love to see a picture of tube with Frame Saver or Waxoyl appplied so I that could compare it to mine. That said, I guess it depends on all kinds of factors (how thick it was applied, temperature, age, ...) so there would probably be a lot of variability. I wonder whether the sticky residue that I was seeing on the sandpaper was simply seat tube grease mixed with the rust that I had removed. Perhaps I should develop a line of custom (non-rust) coloured rust inhibitor. That way it would be easy to tell what's rust and what isn't (especially when buying a second-hand bike).
Suggest you avoid sanding too much on the part of the frame where you grip the seatpost so that it will still grip it tightly. Other than that, I can't imagine that using any sanding type of device on the end of a stick that you operate with muscle power could possibly remove too much metal. It would require a lot of metal removal to impact structural integrity.
Yes, it was just a light sanding by hand. No problems with the seatpost, it still fits snugly and grips tight.
One of my colleagues was commuting riding his proudly and trusty father's old bike when the fork snapped and he landed on his face. He had to go to the hospital with a serious concussion, followed by a number of plastic surgery sessions for about one year.
I would not ride a bike if I have reasonable doubts about its integrity, it is not worth the risk.
I totally agree. This was the purpose of the exploration: I wouldn't have been happy riding the frame long-term without being confident in its structural integrity. The tube interior is starting to look really good, so (despite possibly having removed a useful rust inhibiting layer) I'm now a lot more confident in its longevity.