WhoA!

Hold off on that Naval Jelly. That might be like using an elephant gun to hunt a rabbit.
How bad is the rust exactly? Are we talking a few pin-heads spots? Perhaps dark spots?
These might be water spots. Also, I've noticed that for some reason (be it water hard/softness, shave soap ingredients, metal composition of the blade, etc) I have some razors that develop small brown spots on the blade. I can buff them out, but right after the next shave, or even during, these small spots appear. Over the years I have noticed that they had not appeared when I shaved with the razor at different living locations...so I'm thinking it has something to do with a combination of the issues I listed above.

Another possible issue would be small black/grey spots. These are water spots, from water that was either not wiped away from the last shave, or was between the scales (when you closed the blade it came in contact with these spots).

What ever the case, I would not recomment Naval Jelly to remove the rust. If you have a metal polish (Maas works great, flitz works too), I'd put some on a QTip or tissue and rub off the area. If it's bad enough, I'd then try a dremel, but be careful with that if you are not familiar. It's easy to chip out a blade if you are not careful.

Naval Jelly should be employed for heavy duty rust. Rust that you have scrapped the bulk of it away, and need to get into the deep pitting to take care of...then move on to the Maas polish.

If it's just water stains, you might even be able to get away with a 'poor mans polish' and use a little toothpaste to remove it (toothpaste does have a grit to it...)

Anyway, I'd hold off on extreme measures for now....

Are you able to post a picture of the 'rust'? If you have a digital camera, put it on Macro, shut off the flash and under good lighting take a close up picture of the area and post it here. This would help pin-point the problem/cure a little better.

C utz