restoring a blade on water damaged knife

[anothernewb]

My father left me his K-bar knife, but sadly it was damaged this spring when my basement flooded. I was unaware that it had gotten wet, and it rusted in it's sheath. I only recently discovered the damage. it's been sitting in damp leather for about 6 months.

it's pretty much this one here:

http://www.kabar.com/knives/detail/192

It used to have a near mirror finish on it, but after cleaning it up best as I can, it's got what appears to be pitting, and some of the polished chrome looks a little spotty. I'll post a picture of it when I get back home.

I realize it's not the greatest knife in the world, but it's got sentimental value, and I was wondering what options there may be for restoring/repairing it back to near new condition. or if it's even possible.

 

[TomADC]

These were locked in a safe that was stored out in the weather for many years. I used liquid metal polish and mag wheel polish lots of hand rubbing and a power buffing wheel.

 

[TomADC]

Before picture

 

[oldbear]

The serious handgun collectors swear that kerosene if great for “killing” rust, but not for removing it. I would soak all the blades in kerosene for a day or so. Then gently start cleaning with 0000 steel-wool and oil as a lube. When the rust was removed I would start polishing with Mothers Mag polish, applied with the tip of my finger and buffed off with a soft cotton rag. Remember to change out your buffing cloth often. Finally I would use the green FIltz polish to finish off the clean- up and polish. Remember to go slow, take your time.
One last hint, if you are happily married and want to stay that way, DO NOT put your old buffing rags in the family washing machine, just throw them out.