I have this Uberti 45lc I got about 5 years ago. It had been in a gun safe that got water in it...gun sat in water for about 3 days. Just the outside of the barrel was damaged. I scrubbed it and put baking soda on it (hear it helps, I have no idea) and the rust does not seem to have spread since I got the gun. I'm looking for advice as to what, if anything, to do with the gun. Should I reblue it or leave it alone or what? Also, I've had people ask if I'd sell it, but I have no idea what the value is. It's listed brand new on the site as $600. Thanks in advance.
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Sell it or get it reblued if you want to. It looks like an "old model" styles Uberti 1873 SAA clone. I'd imagine that in the present condition, it's not worth more than $250 or so, assuming damage is only cosmetic. New Uberti/Cimarron/Taylors can be had in that OM configuration for just under $500 from discount dealers online.

You might look into antiquing it --- If the finish was uniform and resembled a hundred year old SAA -- then it looks deliberate  and would be cool

If you are not that worried about looks you could get some cold blue and do it your self. It will be tedious work to do the preparation work. You will need to remove the rust/polish the effected metal.

This will work if it is just out side surface areas as you have stated.

Prep the areas and cold blue it. Lube and use.

No; it will not look like it was professionally done. But it will work to keep the firearms form rusting any more and will make it useful.

If just the bbl is damaged, I would replace it.
Cheaper and easier than refinishing and won't totally ruin the value of your gun.

Start by taking all the rust off with 0000 steel wool and gun oil. Rub gently and you won't hurt any bluing that's still there. Once you get that done, you may be surprised with the condition, but then again, it may be hopeless.

How about some more pics.