I have one of those. It's massive. I've done some restoration and use Loctite Rust Dissolver as a first step. Don't sweat the pitting. That happens on old steel. Use a drill press to remove the old rivets or pins. On the handle, I've sometimes just had to make new ones. It all depends on how bad the wood is.
When you use a non stainless blade it should be washed, dried and set aside to air.
Without a sense of urgency, nothing ever happens.
Boy, if I say "sic em", you'd better look for something to bite. Sam Shelley, Rancher Muleshoe Texas 1892-1985 RIP