with the rust, a little oil and some fine steel wool, after hunting the hell out of it, you won't remember a thing about rust/gouges, just the memories!
Fine (OOOO) steel wool a little elbow grease and (dare I say) a little cold blue on the receiver and it may not even be too noticeable. The cold bluing along with a little gun oil will help keep the surface protected as well... I'd be happy as hell with that little fwt. It is in much better condition than the OP described it. As they say, "Pictures are worth a thousand words". Have a Happy Thanks giving guys!!!