Just had an hour working on the 1949 Rudge Clubman I bought last week
. After a bit of work with degreaser and a washdown it's condition is far better than I hoped. Nice original bike, owned by the same chap since his mum bought it for him in 1954. The only problem so far is a bent pedal (Easily replaced) and signs of heat application (Blueing) to one crank. I suspect this was an effort to fix the same damage that caused the bent pedal axle. Everything else seems nice and tight and still well oiled/greased.
Not sure how to get a photo on this but pictures are here:
http://www.flickr.com/photos/31231726@N03/

Not sure how to get a photo on this but pictures are here:
http://www.flickr.com/photos/31231726@N03/