[OldRestorer]

Questions and answers:

What should I use for the spot repair after I have stopped the rust? 
Yes to Rust-oleum hammered (SIlver) not copper but that is mostly for a full restoration. As for a brush on you would just have to try to color match the original with oil based paints.

Also, if I do decide to strip it, how should the process go? 
You would use some good paint stripper and strip everything. Then sand lightly and wash with mineral spirits. Then prime wil metal primer. You could use the rust killer primer to save one step. They have it at Home depot in a spray. Then light coats of the finish coats.

Last, which flocking would you suggest? 
Suede tex is my favorite.

Remember that your Platten has aged and the color of the flocking has faded. You should use brown flocking but it will be a little brighter. 
 Here is a pic of the brown flocking.