I would definitely try to use MAAS and polish the blade with a dremmel to see if the rust can be removed using MAAS.

I have not had a successful time with using the dremmel to sand the blade and remove the rust. It just creates very deep scratches which you will have to eventually remove by hand sanding

IMO Hand sanding is the way to go. Yes it takes longer hours depending on the severity of pitting and rust on the blade.