I personally would leave the steel alone and refinish the wood. Whatever you do, don't use cold blue, it sucks. Get it professionally re-blued $, or Duracoat it yourself. I think Dfariswheel had a good tutorial on wood refinishing with Minwax antique finish.
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"Suppose you were an idiot, and suppose you were a member of Congress, but I repeat myself." Mark Twain
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