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That's too general of a question to answer. If it's a antique collector's item then it is usually best to leave them in the state that they are in. In a case like that I would ask an appraiser for an opinion being that there can be exceptions. If it basically has no collectors' value and it's just a user, it will depend on what's needed.
If all it needed was a new handle, I would probably go for it. It would also depend on your skill level. Also removing a layer of rust can be pretty simple.
It would also make a difference if I was doing the work for myself rather than another person. I would tend to avoid that latter case.
Doug
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