Hello Emanuel,
I certainly think this is a very nice restoration project.
Remove the baca-baca and the hilt. You can remove the rust with vinegar and give the blade an etch with it. That can give quite a surprise.
Clean the scabbard and polish it with a cloth and oil. Replace the missing brass rings and rewind the hilt with new strings of cloth. Looking to your pictures the original cover of the hilt is cloth. Maybe some more knowledgeable members can give you a better advice. But I would do it in this way.
Nice project, you will be bussy this winter.
