I'm afraid you're going to find once the surface rust on the barrels is removed, there is going to be a lot of pitting, which will require draw filing and striking to get it to a smooth enough condition prior to cold rust bluing it. If you're committed to getting the gun back into nice condition, I would suggest you pack it up and send it off to any one of several good people. No point in putting any effort into it at this point. The sad thing is the wood suggests it was in super condition before being forgotten.
I'm betting wet basement.
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