Krud Kutter or Evap-Rust for the rusty parts. I used Evap-Rust on a rusted out cast iron pan a couple of years ago and it worked like a champ. Painting it Ferrari red should make it tear ass all over your garage. EDIT: GARAGE! Fuckin autocorrect.
Evaporust is magic. Gets every bit of rust, and replaces it with a carbon film that will protect the steel until you clean it off and replace it with something else. And the shit never seems to get used up, it still works long after its turned completely black.
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