Maybe send it to another RU-vidr who does restoration of vintage gadgets? I bet this would look great with the rust removed and the wood baseboard sanded and freshly painted.
Rust itself is mostly inert, sure, but it also creates a rough texture on the object making it a perfect hiding and breeding ground for bacteria and other harmful things. Ever heard of tetanus (clostridium tetani)? Tetanus isn't caused by rust but yet it's often times present on rusty objects.
