Or possibly Amber shellac over everything. See if it's soluble on alcohol. Is so, it's shellac. I would remove the lock and barrel and remove the bluing. Then re-rust it to whatever degree you're happy with. However, I would rust it several stages more than what's apparently necessary, to the point of fresh, crusty raised rust. It has to take hold of the iron for my treatment to work.
As I posted somewhere earlier, when he rust is heavy enough, completely immerse in boiling water. This will convert the red bad rust into a stable iron oxide, which is black. It will improve the looks immensely if you do it right.
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