the rust can be safely removed, but the pitting can be permanent if it is deep enough.
to remove the rust, a little 0000 steel wool and a bit of oil is all you need. The bluing, what is left of it, will be fine
Hundreds of years from now, it will not matter what my bank account was, the sort of house I lived in, or the kind of car I drove... But the world may be different because I did something so bafflingly crazy that my ruins become a tourist attraction.