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to clean the rust off use this method as taught to me by a WWII armourer WD 40 or RP 7 what ever you have and get this STAINLESS STEEL WOOL do not use the ordinary type nor the stainless soap impregnated ones.
Spray the SS wool and the area to be cleaned up with the lubricant and scrub away and it removes the rust without damaging the bluing, if you want try it on a blued area where you wont see it and there you go I have done this to some of my 303's and it does work, if you use the ordinary steel wool then you will wreck the blueing make no mistakes about that.
I use 70% raw linseed oil with 30% Mineral Turps mix on the stock (stipped from the rifle) apply librally and let soak 24 hours wipe off repeat again wipe off then finish with bees wax you can use fine steel wool (not stainless) on the stock to smooth it, steam the dents if you wish some wear and tear is ok unless it looks like a tiger shark has gnawed on it.
Word of warning with pure raw linseed oil and rags donot leave soaked rags scrunched up tightly as it can spontanously combust after a period of time so I have been told!!
I'll have to try that. Thanks for the info! By the way does anyone know about these CNo4's? I've been trying to look up info on them but all I can find is that they were made for the Korean War and some were issued to the Mounties but other than that I'm clueless.