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Just about any petroleum based will work to protect it from any further corrosion. In fact you could use petroleum jelly if you want. Anything is better than nothing. Some oils dry out faster and...

I think it would be a great blade once restored. My advice is to oil it and wait until you have the cash or think you are ready to restore it yourself. In the mean time if you watch the classifieds...

there are no pictures in your post.