It's funny you mention that, because after reading about the SW-54 you restored on your site, I had already taken your tip about the naval jelly and put it to use. I think I finished it up Saturday night after a few treatments of naval jelly and then giving it a good wax job. Because of the gunmetal color, the bare spots where the rust ate through are hardly noticeable. It looked even better after I cleaned the crud out of the knobs.
I'll be finishing up my Zenith before I get started recapping this, but it looks like it'll be worth it. Thanks Phil!