Quoted: You probably already know this, but very fine steel wool and gun oil will take rust off stainless. Now for the method to reduce rust on stainless: Dremel and polishing wheel + flitz metal polish. Polish the stainless until its smooth as glass. This isn't hard with the flitz and buffing wheel. The small pores that trap moisture/salt will be smoothed out. You'll be suprised at how much this will help. Worked for me...before I switched to Glocks!
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I would be very careful about that. Nearly all steel wool is made of carbon steel and you never want to use it on stainless. It will leave microscopic particles of carbon steel in the grain of the stainless and could exacerbate the problem, regardless of how smooth it may seem. Maybe buffing will help, but I wouldn't touch stainless with carbon steel wool.
You can get synthetic steel wool substitutes from 3M -- usually at Home Depot in the form of a pad in the sandpaper aisle. Get the finest grade you can find.
In any case, once you have remedied the problem, give the metal under the grips a good buffing with car wax and that will protect it for a long time as long as the grips stay on.