As you can see here, these are the bearings that rotate the rack. It's a bit rusty and squeaks... but a little WD-40 should fix that. I probably do a more deep cleaning with a tooth brush a little later.
The top sign is the biggest problem. The rust got into the white area and I'm not sure how to get the it out. Anything I do to rust will remove the white paint too. The good new is the lettering is uneffected so the text stands out really well. I'm looking forward to finish clearning it out and filling with comics. A little piece of childhood just came back home. :)