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I would get it cleaned up first and see how bad it really is.
Here are a couple of shots of a Stanley Bailey No5, type 11, I got for $2 at a flea market. Looks pretty good for 100 years old. I used warm soapy water to clean it and then a soak in Evaporust. The metal grayed a bit, but I think it would have come off with some light sanding. I just sharpened it since it is a user plane.
The actual restore thread is here http://www.woodworkingtalk.com/f11/2-bailey-no5-score-plus-evapo-rust-props-40222/
Before cleaning and a soak in Evapo-Rust. That stuff works miracles.
After cleaning, waxing, handle fixing.
Here are a couple of shots of a Stanley Bailey No5, type 11, I got for $2 at a flea market. Looks pretty good for 100 years old. I used warm soapy water to clean it and then a soak in Evaporust. The metal grayed a bit, but I think it would have come off with some light sanding. I just sharpened it since it is a user plane.
The actual restore thread is here http://www.woodworkingtalk.com/f11/2-bailey-no5-score-plus-evapo-rust-props-40222/
Before cleaning and a soak in Evapo-Rust. That stuff works miracles.
Image uploading. Refresh page to view

After cleaning, waxing, handle fixing.


