After some research and reading, I was able to clean up the Stanley Bailey No. 7 I bought. Now the rust is off and it is covered in 'Top saver', with wax on the Japanning. I have replaced the original knob and tote with a rosewood pair from Highland Woodworking. Yesterday the UPS truck brought my new A2 blade and matching cap iron (chip breaker) from Mr. Hock.
Here is three pictures I took today in the shop.