1. Do not reblue.
2. Soak the rust with oil...even 3in1 will do.
3. With plenty of oil, remove the active red rust with 0000 steel wool. Do not be over agressive when rubbing...patience will reward your efforts.
4. Repeatedly wipe down the treated surfaces with a clean cloth until you can't remove any more color. Wipe down one more time and lightly oil or silicone spray and replace the grips.
5. Live with the pitting under the grips. It is part of the gun's unfortunate heritage, but it is history none-the-less.
6. Rejoice in the fact that you have preserved one more artifact from an earlier era for future generations.
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If it's made after 1918...it's a reproduction
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