looks a lot better. I've had several older weaver rimfire scopes that got this treatment - much heavier rust than yours. I like to cold blue the corroded areas and pitted areas where the finish is removed. Not only helps to preserve from future rust, but makes it look less neglected while keeping its beauty marks. The cream type works best for this since it won't run everywhere. I think BC perma-blue is too bluish to match - Brownells oxpho matches up great. After final cleanup, I rub with RIG - leave it on for a few minutes and buff away the excess. It melts as you rub. Renaissance wax is another great choice if they won't be handled often.
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