You usually can remove rust ....
.... without damaging the finish further. Use the very fine 0000 steel wool mentioned above, soaked in a light gun oil. Start gently, and work slowly. With the right combination of oil and pressure it WILL remove rust without damaging the surrounding bluing (the blue directly underneath the rust, of course, is gone, eaten away with the metal).
You can get all the rust out and down to bare metal, then keep it coated with oil, or a touch of cold blue to soften the contrast between blued metal and white steel. The 0000 steel wool, when used judiciously, will not remove any existing bluing.
I have used this method on several collector-quality guns that had rust developing in thin scratches. It removed the rust, but not the finish. As long as you use enough oil, and not too much pressure, the blue will be OK. (Of course, using dry steel wool, or pushing down too hard, will remove the blue along with the rust.)
Give it a try -- it's way less intrusive than a total refinish. And if you still don't like the results, send it to Ted!
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