[HerrKaiser]

Re-blued does make it a shooter. Fine steel (or bronze) wool would be the best idea for spot rust removal. Beyond that, Ballistol for the oil and conservation. It is really a do it all gun oil that also works for wood and leather where other gun oils can mess up the wood grips. I would categorize your pistol as a priceless family heirloom with some nominal collectible value. Without the family provenance it would be labeled as an entry level collectible. I personally call them “fondlers” or “shootable collectibles”.