This might help Matt
http://www.lcsmith.org/faq/surfacerust.html

i checked out the info on the LC Smith site. Thats interesting, I'm not sure what im going to use yet. I dont know if you would call it surface rust. The barrels are smooth. Just looks to me like 100 years worth of dirt and grime rubbed into the barrels.

Its a good shooter nothing special. I was thinking of letting someone refurbish it. What would that do to the value?

If those were mine I would not use anything but oil and a soft cloth.