I inherited some old mostly craftsman workshop equipment, all about 55 yrs
old and unused for the past 10-15. I plan on starting cleaning them up this
long weekend and would like some input on the best methods. besides blowing
out dust, etc, the main thing i have to do is remove rust:

work and fence surfaces have a fine covering of rust, no pitting. appears
pretty minor but covers the entire area - whats the best polishing or rust
removal solution and method to use?
jointer blades feel sharp, but the rotor base and the blades are rusty. is
there any real reason to clean them as long as they perform well?

stands and casing is all metal, cast iron i assume. there are areas of rust
on these surfaces as well, but not as widespread. if i spot treat the rust
i will need to repaint - is there a prefered type and brand of paint best
suited for this?

a poster in a previous post about motors suggested looking for oil ports on
the motor shafts, i will be looking at these as well.

thanks in advance.