I would get right to work on the paint stripping, it takes several times of spraying the paint stripper/gasket remover and scotching it to get rid of those pits. You don't want that gasket remover anywhere on your bike, it damages non metals quickly. Make sure you wash the components with simple green and a good scrub brush in between each spraying and scotching it also. The gasket remover leaves a slimey film from the reacted chemicals. You have to watch what type of brush you use also, strippers and gasket removers will dissolve plastic bristles/brushes quickly, and the sludge it leaves (from melted plastic) is a bitch to get off. You should also use the warmest possible water, that way the water evaporates quickly from the cylinder so it doesn't rust much, it is cast iron. That gasket remover or stripper will make plenty of nasty fumes when it hits the warm water, try to do it in a VERY well ventilated area or with a charcoal filter mask on. Keep it off of your skin also, you'll get a drop or two on you in the process regardless. It starts a burning sting wherever it hits you,and feels like an acid or strong base is on you.