Quoted:
Thanks for the replies.
After poking around on the net, it looks like bead blasting is the way to go.
Steel wool won't cut through this rust...
I was thinking using some shade of green duracoat on the receiver and barrel while leaving the receiver pins and trigger guard assembly blued.
The barrel is going to be cut down to around 19"
PLEASE, PLEASE, PLEASE in the name of all that is holy - DO NOT USE GLASS BEADS!!!
Grit blast that puppy with ALUMINUM OXIDE GRIT (I go for the fine stuff like 220 though perhaps something as rough as 150 might be needed for your rust monster).
Then DuraCoat it (degreasing should be done somewhere in there, at least twice).
Glass bead blasting should only EVER be used on stainless steel parts as a substitute for a polishing operation (like to get out a scratch or even up the luster).
GLASS BEADS ARE EVIL INCARNATE FOR EVERY OTHER APPLICATION.