Actually, if I look at the botom pic, it seems as if there is good solid metal under all that rust. If this is representative of the rest of the blade, I feel that I might be brave enough to do a little bit of mechanical cleaning by picking off pieces of rust flakes. Maybe you might be able to get it back to solid metal --- but don't blame if you finish up with a fragile web of holes.
If you took it very slowly by picking and brushing with vinegar and washing, you might finish up with something.
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