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I'd try Naval Jelly before you break out the abrasives. Give it enough time to work -- at least half an hour. Clean up with wet paper towels.
You may still have some discoloration, but it usually improves things. By coincidence, I'm using this on a rusty chassis right now (well, this week -- I'm slow and lazy).
You can follow up that treatment with metal polish, if you're the polishing type. I usually don't bother for TV chassis. Too many projects, too little time.
Phil
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