Second option. Soaking in vinegar. It'll remove the rust and the bluing. It'll be bare steel in about 4 hours. Faster if it's heated and salt added.
It's a Taurus and IMO, use this to finish it.
I've used it more then a few times. Done right it's a gorgeous finish. I refinished a pair of blue S&W handcuffs with it. They rode in a case for years. Rain, sweat...the finish only got better and deeper. Took on a patina that set them apart..
The instructions says to wipe it. Forget their rules. Pour some in a small pump spray bottle. Mist the heated metal. It's acid so the pump bottle is garbage after a bit. The stuff eats the spring in the nozzle.