A bronze brush or maybe a SS brush will get the rust out of the engraving. I agree with those calling for a non-invasive restoration. If you clean the wood and then put some Tru Oil on top, it will look authentic without looking renewed.
Formby's Furniture Refinisher will remove outer layers of grease and so long as you don't sand it, will look original once you oil it. It's not a stripper, and will leave just the right amount of "old".
I'm all for refinishing over most faults and scratches in wood. The wood then looks well-cared for and used rather than raw and new.
