It should not be automatically assumed that the presence of a pitted frame means the owner's neglecting the gun.
Typically, rust & pitting on a '94 means it's a gun made between 1964 and APPROXIMATELY 1982, with a cast frame.
Those frames were plated with iron which was then blued, because the frame steel composition would not accept conventional bluing.
Over the years, it's been quite common for the frames to rust through the finish & develop external pitting.
Polishing off the rust runs the risk of also polishing off more of the finish, leading to more rust, depending on how you go about it.
I've seen 'em.
Fairly expensive to re-finish (normally, trying to just re-blue doesn't work well).
You can paint it, or just keep wiping it down with oil regularly.
It'll most likely continue to rust unless you apply some sort of coating to seal it.
What you see on the outside won't progress to the point of affecting function, what you don't see on the inside COULD.
Usually, normal maintenance will prevent rust from developing on the surfaces of internal action parts, barring neglect or mis-treatment by previous owners.
Pitting on the OUTSIDE of one of those frames does not necessarily mean the guts are rusting, too.
You COULD be developing rust on the internal surfaces of the frame that MIGHT eventually interfere with the interactions of those parts that move against those frame surfaces.
If you do break it down for serious internal inspection & cleaning, DO NOT REMOVE THE CARTRIDGE GUIDES!
Denis