Since nothing can reverse rust to functional steel, there's no percentage in trying to go farther with this.
Rinse it, dry, mount and lube and you're fine. Any internal rust that matters will wear off as rubbing surfaces buff back to a worn shine. External rust is purely cosmetic and won't be noticeable with use.
For future reference, you can skip the rust removal steps, and mount & oil chain and ride.
By analogy think of railroad tracks. They rust, and the passing trains do the maintenance.
Last edited by FBinNY; 01-28-23 at 09:47 PM.