I guess this might qualify as progress, I have the AMF Hercules almost completely torn down. All that is left is to pull the fork and headset bearings. I have done a couple of coatings of heavy oil on the frame, fork and fenders and the shine is starting to come back. I have also been shining up the bits and pieces, the bike will never look new again but it will look like a well cared for 45+ year old bike when it is done. It should ride as good as when new. I will add a few pictures of cleaned up parts a bit later.