I did use fine sandpaper and navel jelly on the reed, and lots of wire brushing by hand. I still didn't get all of the rust off, but it should be enough for some rugs. After I wire brushed the jelly for several minutes, I rinsed the reed with water from the hose. I did it in several sections, because I don't like the navel jelly drying on the metal. It turns white, and the metal turns black if allowed to dry. When I was finished, I wrapped the reed in an old towel to dry it as much as I could and then finished with a hairdryer. I left it in the sunshine so the wrapped strings around the edges could continue to dry.
The rust is worse on the ends, with some pitting. I don't think I'm going to fuss with it much more. I'll weave with it first, and if it harms my warp threads, then I'll think about cleaning it again or replacing it.
I also did a bit of sanding on two of the bars of the sectional beam, and the top bar of the beater. There are still two more bars to do for the sectional beam. They will all get a couple coats of wipe-on polyurethane varnish to protect the wood and to make it a little easier to clean in the future.
After looking at a couple of my other reeds, I decided to get some cloth tape to cover the edges of the reed. I bought the 1 1/2" wide stuff and it went on easily. If the glue gives out eventually, it can be stuck down again with tacky glue. The stark white is a little glaring, so it might get a bit of spray paint to tone it down.
Bob found a supplier of square head bolts called Blacksmith Bolt and Rivet Supply in Portland, Oregon, so I may replace some of the overly rusty ones. Here is a link:
Blacksmith Bolt and Rivet Supply
We thought the cost of the 5/16"-18x2 1/2" bolts, at $.27 each with a minimum order of 10 was quite reasonable. They have a black oxide coating, so they won't be bright and shiny.
Bedtime. My thumb, arms and shoulders are sore and tired.