While my initial plan was to take this saw apart as far down as I could, clean the rust off of everything and then repaint it, after doing more research it doesn't seem like painting over the cast iron table top is a good idea. That makes sense, since a coat of paint won't be as slick as a polished or clean cast iron top, plus these saws did not come painted originally.
What are painted are the metal sides that attach to the cast iron top (there's a word for those, but it's early), and I started taking the rust and old paint off of those last night with a wire wheel attached to my drill. After looking at the underside of the table, I'm not sure I want to take this apart down to it's bare pieces, since I don't know if I can get it back together again! So as an easy first step, I sprayed the gears (again, not the correct word) liberally with WD-40, and I was reminded why that is a wonder spray, as everything immediately begun to move like new again. The WD-40 also cleaned off a lot of the caked on sawdust, so maybe I won't have to take the whole thing apart.
I also removed the motor and will be getting a new belt. The motor seemed to run fine for the brief time I ran it, but I am waiting to tackle that as a whole separate part of this project, since I am really past my area of expertise when it comes to electric motors. Any suggestions as to how to clean out the motor without taking anything apart?
EDIT: Here are some pictures of the saw. Let me know if they are too big. I have a 30", so my perspective on what is "too big" for the web is shot to heck:

