I can't decide

Mike,I'd definately remove any active rust with 0000 steel wool, as it will only grow. The area where the rust is remove will be bare metal, so you will either have to keep it well oiled, or apply some cold blue to these spots (which I don't recommend on a collectable matching pistol). The other alternative, is to see if Ted G. can just reblue the barrel or other affected areas. Tom