Yeah, I like a stained/tarnished look on a blade. A personal choice thing.
The simplest method to really clean out rust from metal, even from deep pits, is just soak it in regular household vinegar. It will flake that rust off, and even flake it out of deep pits. You end up with a dull gray metal finish.
Then just wash it thoroughly with soap and water, and dry. A light coat of oil then slows down future rusting.
A lot of museums use a low voltage (12 volt battery) water/salt/soda (and something else) method to clean the rust off of old iron/steel. But that household vinegar works just as well, and without monkeying around with electricity/batteries.
Some old iron I only clean the rust off with that wire brush/wheel or a light sanding. Yes, this does tend to leave the rust/gunk down in those pits, but sometimes that ends up looking better in the end.
Mikey - that grumpy ol' German blacksmith out in the Hinterlands