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That's about it. I used to start with around 100 grit wet and dry paper for fairly pitted blades and work up. However, if you start at a higher grit that's no bad thing - if it removes the pitting...

+1 on what Glen said.

The amount of times I have removed what looks to be just light rusting, only to be confronted with a pitted, grey mess that looks worse than the original 'bloom' of rust is...