Craig,
Personally I would not do it! If the gun is 97% as you indicate it is a collector grade pistol and trying to do any "touch up" may well reduce, weaken or kill its collectible value. Nothing worse to a collector than when someone has messed with the finish--it almost always can be detected. My advice kill or stop the rust but don't try to refresh or do any bluing touch up!
Personally I would not do it! If the gun is 97% as you indicate it is a collector grade pistol and trying to do any "touch up" may well reduce, weaken or kill its collectible value. Nothing worse to a collector than when someone has messed with the finish--it almost always can be detected. My advice kill or stop the rust but don't try to refresh or do any bluing touch up!