I have used Flitz polish to fix badly cast resin before. Try toothpaste first to see if a polish will help, it's another mild abrasive polish everybody has.
As a knife guy, please, keep the steel wool and all the other assorted "fixes" away from this knife. Given the time period, this is certainly carbon steel. And given the surface pitting and rust, the best thing for the knife would be to finish the blade with something like high grit (I personally wouldn't let anything under 600 or 800 grit touch it) sandpaper gently and carefully over time to remove the rust and the horrible surface deposits that will just be a liability long-term. I've removed rust with Flitz and use it still on my knives as well as my knife strops and it's brilliant. I'd highly recommend the cream, just apply some to a rag and rub it into the blade for a final polish and cleaning. Renaissance Wax is also highly recommended, but I've never used it.
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Since this knife is using pinned construction, taking it apart really isn't an option for you (it could be done, but trust me, you don't want to go down that round unless you know exactly what you're doing). For that, I would recommend a penetrating rust remover like Evaporust (which is very non-toxic/safe) or Krud-Kutter Rust Remover. Let it soak in solution of that so it gets down into the pivot and pins and hinges and nooks and crannies that you can never get to since it's pinned together. Just keep checking on it every few hours and work it in by opening and closing the blade and letting it soak again.
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As for cleaning, if you have an ultrasonic cleaning machine, fire that up. Otherwise Dawn dishsoap and hot water. Then rinse clean. I like using compressed air cans to blow out knives and keep the pivot/pins clean. It blows out the water and debris and also dries it. After that - oil. Not WD-40. Sewing machine oil works decently. I'm personally a fan of Nano-Oil and, as of late, this teflon grease. Yes, it's not cheap. Then again, it can be used on damn near everything. I've used it on doors, hinges, computer chairs, ect. Great stuff.
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As for the knife blade, keep in mind it's a carbon steel and thus can easily rust. If you wish, you could force a patina on the blade with things like cutting fruits and letting the acid develop a protective layer called a patina on it that a lot of people find attractive and useful on knives. There's about a million tutorials on Youtube, just search for "forced patina knife" or the like. It's entirely optional, but keep in mind carbon steel knives will develop a patina over time from use on cutting such things anyways or just being handled long enough. It's normal.
I would try some kind of mildly abrasive polish
Flitz BU 03515 Metal, Plastic and Fiberglass Polish Paste - 5.29 oz. https://www.amazon.com/dp/B001447VB2/
No, there is no one product that is going to do it all for you - Especially not over an extended period of time. Most of the time I use either FrogLube, or Ray's Gun Wax on the outside of my EDC Glocks. Sometimes, and for shorter time periods, I'll use either Break-Free, Ballistol, or pharmaceutical grade Mineral Oil. For, 'safe queens' that go untouched for extended lengths of time I like to use: FrogLube, Ray's Gun Wax, or Sentry Solutions, 'Tuf-Glide'.
I always clean my EDC Glock bores with a brush, patch, and either of these chemically identical products: Flitz Metal Polish, Simichrome Metal Polish, or Iosso Bore Cleaner. (Be careful with the last two products on the outside of a blued gun - OK!) Afterwards I'll run an isopropyl alcohol soaked patch through the bore, and then final coat it with Sentry Solutions, 'Smooth-Kote'.
On Glock's well know internal lubrication points I like to use one drop of Lucas Gun Oil which seems to have an affinity for metal and stays put very well.