Stopped by a gunshop yesterday, this was on the rack.
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Complete with fine grit sandpaper and/or steel wool markings all over the receiver. There's still strong blue, comparable to the barrel and magazine tube, way back on the right side of the action and the edges of that blued area fade into scratches like what covers the majority of the rest of the action.

I'd bet decent money that someone said something along the lines of "I better clean up that rust on Dad's/Uncle Bob's/Grandpa's old gun before taking it in and seeing how much money I can get out of it." Just before ruining the value.

At least they made it affordable for the likes of me. Oh, the bore is close to mirror like.

http://www.wyomingarmory.com/

Years ago I bought a rusted Marlin 30-30.  

I first cleaned up the rounded surfaces. Then I wrapped a glass rod with very fine wet dry and cleaned up the flats. This saved and even enhanced the sharp edges.

I cleaned the stock, smoothed with 0000 steel wool only to remove the feathering and then hand rubbed with BLO.

Turned out very nice. Gave it to my son in law as a gift.

Wish I had kept it.

That's a great way to preserve and pass along interest, but I'm not seeing any old unkempt guns that are realistically priced.

Nowadays it seems everyone thinks grandad's rusty old bird gun is a top line rare collectible. And with the gun banners always squawking it may be true that the next generation won't have the access that we do. Even to what we perceive as guns "safe" from banning.