Removing rust from engine

[masipopa]

I have a Sport Coupe Model A'30 that drives well, but the engine has paint peeling and rust. I'm thinking to beautify and to repaint the engine, but not sure about the process.

Should I first wire brush it to remove peeling paint and some rust. Do I apply rust dissolver to the engine or it may damage something ?
What kind of engine paint is recommend to use ?

Thanks