I would take it apart and get rid of all the rust. If you don't want to do that it should get an oil or WD40 soak.
Good job, looks great Sent fra min FRD-L09 via Tapatalk
G'Day,Nice job on that. I have to agree with Steve, take it apart and clean it all out. Then at least there is no worries about rust coming back. How bad is the blade? The rest of the tools looks pretty decent though.The biggest problem with older Flairs are broken back springs from the cork screw. That cannot be fixed at all. When I bought one like that, I knew of it beforehand and used it as a bargaining chip to get a good price. I already had a mod in my head and fitted a PST II file in there. You also have some spares then to fix one that needs it. Cheers, Pete
looks great. for opening you'll need those tools made by Loki-mobile. Instead of soaking it in oil, try to leave it in Vinegar, for 24h. it will eat all the rust away. Make sure it's completely dipped.Than wash with soap and hot water, and after that lube it good.
I already have the Leatherman keys from Loki-mobile .I thought about vinegar but I was afraid that it could damage the "gold colored" parts. I've used vinegar in the past on old medieval and Roman coins that I found with my metal detector, worked great on some, destroyed others...