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Ok, no harm in trying a polish first and see how I get on, decide on the replate after. I've been meaning to have a chat with an engraving place near me that can use lasers based on a photo. Not sure if they'll be interested, if it's prohibitively expensive, or even possible, but I have a fantasy that I can get them replated and the engraving freshened up afterwards based on a photo of the good one.
I use kerosene for the degreaser and then treat the rust.
Due to the size, I have a Mansfield saddle frame currently having a mild oxalic acid bath. It is pleasantly surprising how it is cleaning up.
If they were my toe clips, I would do the clean and derust, then polish. Replating may see the engraving lessened.