personally, from the cogs i'd remove the rust by hand with s/steel wool (i.e. pot scubber) and scotch-brite pads lubricated well with light oil, and from the smooth shafts using strips of fine wet/dry paper plus oil as lubricant.
Before you start any sanding/scrubbing - soak the parts in a parts cleaning bath or a liberal spraying of oil-based degreaser (e.g. several tins of supacrap degreaser) and allow to drip dry.
You'd have to dig deep (e.g. grind) to get thru the case-hardened layer.
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