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IT will but there is an easier way that won't mar the finish.

Simply get a No 2 lead pencil and "write" on the rusty spots until it get smoother. Wipe it off when you're done and oil it. :)

The...

If it were mine, I'd simply have it honed and run it as it is. That appears to be honest wear and patina to me.

If you could get some clear close up pics of the pins, it would be easier to guess...