I've always had great success with 4 naught (as the Yanks call it) steel wool and oil. Never use the course soap impregnated stuff. For bad spotting of rust I use a brass object to scrape. I use a 308 case with the neck flattened. If the rust has gone much deeper than the surface you cannot easily remove it. You can oil the craters and scratch around the bottom of them with a scriber to dislodge the rust but that's about it.
For the wood I clean with something like methylated spirits and rub with Birchwood Casey Tru-oil. You don't want to overdue it, just freshen it up and preserve it.
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