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If the rust is near the pin it can hard to clean without removing the pin but you can also get the sandpaper very close to the pin. I would stick with higher grits near the pin as it will be hard to...

From what i could see it doesn't look too bad, you could try some high grit wet n dry (800 1k 1.5k 2k grits) with some WD40 and some metal polish to finish it.

Does the blade have any etching that...

How bad is it, post some photos if you can