Not bad at all, especially considering its age, and it's more a lack of bluing on the left side than rust, and won't affect function at all. Should be a lot of fun to shoot.
Do you reload by any chance? Your gun will handle today's commercial loads without a problem, but I like to baby mine with mild handloads that still cycle just fine and put a little less stress on the recoil spring/frame etc. I had a light strike problem with my smaller pistol (the .25 ACP Vest Pocket shown in my first post) that was cured with a replacement firing pin spring.