Have one in SS/gray laminated stock, with a bronze NRA medallion in the butt stock. They were special to Friends of the NRA banquets in 1996, the 125th anniversary of the NRA, which is what the inlaid medallion notes.
I've never seen one in blued steel?
Recently compared it to a newer M60SS laminated and mine has a barrel that's about 3" longer than the other one. Both have the same orange fiber optic front sight. Barrel and bolt are SS, everything else is plated.
For light surface rust on blued steel, generally go at it with fine steel wool or brass brillo pad and either ATF or RemOil. Once the rust has penetrated to steel, not much can be done as far as saving the bluing.