While I realize this is an old post, I do have a couple of suggestions that may be of use.
I've been restoring machine tools for a while now. I don't know of anything filthier or uglier or rust-prone than an old surface grinder, though milling machines are a close second. My number one choice as a first cleaner is heavy duty paint stripper. (Read and believe the safety warnings. If you do, it's fine to use.)
The next step is a liberal application of Croil and or automatic transmission fluid. This applies to small parts as well as half-ton machine bases. Let the parts bathe in the oil for a day or so.
If what you have is surface rust, meaning no pitting has taken place, just wiping off the tool should reveal a restored punch. If there is pitting, if it isn't on the working surface, then is a cosmetic issue only. Burlap is a fine, gentle abrasive for the purpose.
If the pitting is handicapping the functionality of the tool, then some remachining, abrasive polishing, or similar pampering may be in order.
Anyone who has a $500 tool chest filled with over $10,000 in instruments (some of which he's made himself) has a keen interest in foiling rust. Old machinist's trick: brush on a coat of camphor oil (Campho-phenique is a readily available source) to the cork or felt lining of the tool box drawers. This oil will off-gas and deposit on tools preventing rust in most cases. To protect expensive custom reloading dies, a nickel-sized piece of cardboard dampened with it does the job in a sealed container.
If you know that your tools will be idle for a long time, I know nothing better than Starrett's M1 in spray cans to protect rustables.
Anyway, I hope my ramblings may be of use to somebody. These measures have worked well for me.