Welcome Dave - to clean the exterior of the metal, I like to use Kano Kroil to loosen and remove rust. A little goes a long way so don't drench it so it gets on the wood. Take your time. Dab oil on 2x2" shotgun cotton cleaning patches and a soft bristle brush. Others have used Hoppes #9 with success too.
Whomever used 5 cent Buffalo nickles for a washer is a pretty neat. Do you have close ups of that?
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