After soaking for a few days, use well oiled 0000 steel wool on a well oiled surface and slowly work to eliminate all the red oxide rust.
This gun is pretty severely pitted, and those areas will be difficult to work on. Do the work by hand so that you can control it.
Never put WD-40 on a blued gun. It's a water displacement chemical, not a lubricant or preservative.
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 Igitur si vis pacem, para bellum -
- Therefore if you want peace, prepare for war.
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