My dad gave me a couple of rusty planes. both need a lot of work, but the better of the two is a bailey no 5c and I enjoyed cleaning up my new miter box so much that I pulled it out. I've had it for at least a year saying I'll get to it someday.
I started with a little hand brush, some mineral spirits, WD40 and lastly some sandpaper for a couple stubborn spots. With the bottom grooves I decided to use a wire wheel on my drill. I wasn't sure about using a heavy duty wire wheel and thought a softer one on a hand drill would be safer. I guess I was being a little overly cautious but I'd rather start small. I also decided not to soak anything. I once forgot about a rusty blade in a container with vinegar. A while later and I was kicking myself. It was ruined. So far it has cleaned up really well. I need to make a tote, not only is this one broken but it is chipped and looks pretty bad even after glued back up. I glued it back so I had a good reference point for my new one. I have some scraps of ash, mahogany, and red oak and I might have to glue some pieces together. Maybe it'll look good, maybe not but it should be a fun little project. Worse case this glued up tote will be good practice.