I don't think there is anyway to avoid having to use a buffing wheel to restore the bright finish and smooth surface on that knife. Much of that rust will be surface rust only. It actually is " flowers of rust", rather than a wide thin coating of rust on most metals.
I remove the rust by first coating the metal with heavy motor oil. Then I use a stick to burnish the rust off, wiping off the oxides frequently so they don't become an abrasive and scratch the metal underneath. I move the stick along the long line of the blade. I found that burnishing off the rust this way, left me the maximum of the original surface underneath, and minimized the amount of time I needed to put the blade to a buffing wheel. I "borrowed" a commercial buffing wheel at a client's factory when I was given a rusted knife blade by another dealer, to be auctioned off at a local Pheasants Forever Banquet the next day. The knife had been sitting out on a table when a storm blew in, and the rain rusted the blade.
My client had no idea how much time I had put in on a buffing wheel making knife blades when I was much younger, so he came with me to watch to make sure I didn't get hurt. He was so surprised at how quickly I restored the bright surface of that knife, he asked me if I wanted to work for him part-time buffing stuff for him? I consider that a compliment, being a lawyer. :shocked2: :blah: :thumbsup:
A new sheath can be made. Cut the stitches on the old one to make a pattern for making a new one. Obviously, you will have to remove any rivets that are present in the old one, too. They can be easily replaced if you insist. I don't think they are needed if you construct the sheath correctly. Craft stores sell rivet setting tools, as does Tandy Leather Co.
I don't generally like store bought knife sheaths. They often cover only the blade. I prefer a sheath that covers about 7/8 of the entire length of the knife, blade, hilt, handle, et al. The friction that such a sheath applies against the knife makes it STAY PUT, even when you do a somersault. If its made right, you don't need keeper straps, or snaps, etc. to keep the knife in the sheath.
The secret to NOT losing that knife again is to make that sheath comfortable enough to wear all day. I put my knife sheaths on my belt, and then put the bottom end in a back pocket, where I can feel the knife in place when I am both sitting and walking. The knife stays back behind my kidney, out of the way as I negotiate brushy trails, but is close at hand when I need a sharp knife. I no longer carry a sheath knife with a blade longer than 4 inches- I just don't hunt anything where I would need a longer blade. I have a knife I made which has an 8 1/2" blade, but that wore bruises in my leg the first time I carried it all day, and it made a poor axe!
If all I ever did was to hunt deer, or smaller game, I could get by with my "patch knife", and a small camp axe. In fact, I usually use a pocket knife, with a 3 1/4" blade to gut and skin out my deer. I found out long ago that with bigger knives, with longer blades, its far to easy to take some of that weigh off my hip by pulling that knife out, and start whittling something with it. That is how I left a knife behind, stuck in a log, too. Only I didn't find it the next year.
:shocked2: :hatsoff: