Your Colt revolver is more valuable in it's present condition than with a restoration. The corrosion that has already taken place cannot be reversed short of a total restoration. Rust is an iron oxide, and of itself is an abrasive. With much rubbing you will be removing the patina where the blue once was. If you still have patches of active rust it would be best to carefully remove them, but anything else will probably result in bare spots.
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