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With a blade that rusty the risk is that you invest a ton of time and elbow grease to make it look amazing only to find out that the steel has micro pitting that runs deep and the blade is never able...

There is a lot of rust on the first one. I would scrub it really well with WD-40 and steel wool and then see if you can set a bevel on that. It is the only way to find out if you can save it or not.