I soaked the metal in a combination of white vinegar and salt. Twelve hours later the metal cleaned up nicely. I only had to use a Scotch brite pad to finish cleaning it. It still has relatively shallow pits. But they are towards the blade end. So, I don't believe that should cause any problems during turning. I plan on using paste wax to keep it from rusting. Are there any suggestions for a different way to "seal" the metal?
I guess my main question is regarding the wood handle. Most of the finish is gone and it has spots of paint. I am planning on sanding it down to bare wood. What would you suggest for a finish. I have searched the internet and there is a wide variety of suggestions. I am looking to this group for your personal preferences.
On a side note, much of the Shopsmith logo is gone. This doesn't hurt the usability of the tool. But, in my opinion, it sure would look a lot better with the logo.
Thanks in advance for any and all suggestions.