A year later update. I still have not touched it. All that was done was that any active rust was removed but really have not removed any patina.
The handle is still on until an origin can be determined. Honestly the more I look at it, the more I feel like it is modern. The wood at the pommel doesn't feel very old and I have a suspicion that the twine wrap is a new material.
The red that you guys mentioned at the base of the blade is some type of resin holding the blade into the hilt.
I thought I'd ask since it's been a little over a year... Am I wrong about the hilt? It seems new to me the more I look at it and I can't determine an origin for the hilt style. It's such an unfamiliar shape.