I'm with Mikey, clean it! Heres a link to a very simple method of cleaning using electrolysis. it's looks scary but it's extremely easy.
I've used it for small bolts up to whole fenders for a 47 dodge truck..
It won't harm metal it only removes the rust. it might clean up nice using this method..and it only costs a few cents to do.
If ya want to try it I can walk ya thru, but do a search and there's a ton of info to research.