Eric - photos of an 80-smthg Trek 950. 850? below. Can't find photos of the Elance. The photo of just frame is fresh, post-stripping/treatment (check out that tool chest). The photo of the complete is after about maybe a year? (check out that fenderline). Less pretty than some of the other frames shared here maybe.
After stripping and buffing, I mostly used Bluing/Black Oxide. I had tried linseed oil, but it left a sticky residue. When living in Los Angeles, I didn't have to do much upkeep with the Bluing formula. Once I moved to NYC, I wiped and reapplied frequently, and always after water exposure, which was frequent. And then over time, I got lazier and lazier and let the thing go to rust more. I eventually gave the frame to a friend who's cruising around on it in Taos. I liked it rusty - but as I said, the rubbing-off of powdery surface rust was a frequent bummer.
I also don't have a photo of a 2nd gen Karate Monkey I had stripped and clear-coated. The painter told me it's just going to look like gunmetal grey - and it did for a couple years until it finally started to get some cool spidering rust streaks. It's being stored in my brother's garage and has been for 6 years. Can't wait to see what it looks like someday, if it's still there.
Have fun
Patch in NYC