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Pitting may be bad enough that rebluing would be useless. Hard to tell from the pics.
A couple options if so..
Conserve the finish as it is. Knock the rust off and keep it well lubed. This will look less than perfect but it's cheap and will work.
Or, use one of the many finishes Brownell's has. The bake on stuff has some application here. You could end up with a semi camo if you want one.
If I were doing this as a project, I'd do one of the above and redo the wood, mount a decent pad, have the barrel cut behind the bulge and bored for tubes. Since these oft split the forend just like A5s, I'd add a thin layer of Accuglass or similar epoxy throughout the forend wood.
New springs and rings would finish it off and then I'd have a good shooter to pass on down the generations.
Rumor has it that a Model 11 has been worn out someplace but I'm doubtful.
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