Pocket knife care

I found an old timer pocket knife a few years ago in the alley behind my house. I could not get the blade to open due to rust/grime so I soaked it in WD40 in one of my hubcaps for about a year. I sprayed the knife with WD40 off and on about 10 times during the year and have finally managed to get the knife to open and shut freely...it evens has a nice snap to it. This pocket knife is a small jack one..about 2 1/2 long with a single blade. I am now trying to find out how to clean the blade up some and get rid of the surface rust. This is the only link I have found thus far that is helpful

http://www.premiumknives.com/ShopSite/Premium_Knives_Help_How_to_Sharpen_a_Knife.html

I added some pictures of the pocket knife. When I found the knife a few years back keep in mind that the knife was completely rusted shut and all the metal was heavily tarnished and had turned black. You could not even see the badge on the side now the brass inserts and pins...it has come a long ways thus far. I ended up using some fine steel wool to clean it which I purchased at my local parts house. A lot of elbow work was put into this clean up process....Looks way better! I am going to start working the blade at this point. Not too bad for a pocket knife I found...this is a keeper! This resto cost $6.50