Spot on! That is the point!
x2 on the your call regarding how far to take it. I have some machines that went from rust to repaint, and some that just got a cleaning. I also have a LOT of metalworking and mechanical experience.
remember what i posted before, you can always come back and clean more, it is hard to undo work done.
I have one machine that I spent 2 weeks trying to take apart, I got it 75% done and found a part I just could not budge. it is timeout now (about 3 months) that was a frustrating way to spend time...