In this week's episode of bore or scrap it.

Princess Valiant said
The crank doesn't look bad. The bearing surfaces are all still good and the chunk of connecting rod turns freely

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Crank is looking good, now you can give it an overnight vinegar dunk. Then polish it up with some WD-40 and a scotch-brite to kill the flash rust after the vinegar dunk and distilled water rinse. Then final polish the journals with some Crocus Cloth and it will be mint.