Such is the case for Project 41, a 1987 VFR700 F2. First things first; I spin the wheel/rotor assembly on a static balancer to check for warpage and verify there's sufficient thickness (below). If everything checks out, I degrease the rotors and begin my refurbishment by orbital sanding the rotor face with aggressive 80 or 100-grit paper, then wire-brush each of the rotor holes, which are always dirty and/or rusty.
In this case I'm painting the outer edge of the rim, but that edge can also be sanded to clean stainless steel and left natural.
Don't forget to restore or replace the 18 allen bolts!
Ready for paint!