You may try a dremel with a small wire wheel. If you want to get serious, get an air powered die grinder w/ a wire wheel. Once you do that, then you should prolly clean it up with a cloth wheel and rubbing compound.
Naval Jelly on the metal slide will disolve the bluing... the slide must be disassembled since the jelly must be washed off to prevent it from guming things up. Following that, I've used Mother's Chrome Polish on a cloth dremel wheel to put a shine on.
You might want to put a coat of clear Duracoat to seal the bright metal and prevent future rust.
Awhile back I had a blued Kel-Tec P11 that I did a melt job on and took off ALL the blueing. Did it all with a Dremmel with buffer wheel and polish compound and it was SOOOO beautiful (mirror finish) that I left it that way. You'll want to keep a good coat of teflon on it at all times cause remember, it's not nickle plate. It'll do ok. I carried that piece bout a year and no corrosion, but I was anal about keeping the teflon on.