Hi Jarrad, We need pics of the machine from different angles so as to make some observations.....
From what you have said, the main chain may have stretched over time....sprockets could be worn as well; we need a pic of the chain case and in particular the sprockets where their not covered by the chain. wink

Regarding the surface rust on the handles, try soapy steel wool (it won't scratch the chrome...do not use a 3M scouring pad; it will damage the chrome) and finish off with a good quality auto polish that you would use on your car.;)

We may be able to tell you more when we see the pics, mate.
cheers2

Please do not PM me asking for support. Please post your questions in the appropriate forums, as the replies it may receive may help all members, not just the individual member.
Kindest Regards, Darryl grin