Fine press. Not a thing funtionally wrong w/ it.
Disassemble the whole things (a couple of bolts/circlips, etc) and soak in strong tea for a week as suggested for gentle de-rusting. (Let the tea stay at room temp or better.) Better yet, you can also go the classic molasses route so it doesn't discolor the surface metal.
http://www.antiqueautoranch.com/mont...rian/rust.html
BEST is go get some "EvapoRust" which the best I've ever seen for leaving spotlessly-clean/pristine metal. (I use it on everything.)
http://www.youtube.com/watch?v=X56tb...eature=related
http://thefiringline.com/forums/show...ighlight=evapo
I recommend discarding the primer arm/setup just on general principles. (I'd do this in even a brand new press). Use a separate [Lee] Hand Autoprimer thereafter. It's just as fast and gives you better feel.
I wouldn't repaint anything.
Wear`n Tear is like a man's face.
It tells a story.