i find a combination of methods is best
on small components I like to use 400/600 wet and dry
larger items I either use a sander to take off most of the heavy rust again with 400/600 paper or I like to use electrolysis I have a large plastic bin for this and use soda crystals it is a very good method if done slowly
with the right size bin you can fit the reel mech in it but take out the reels and paycards first!!!!
most methods will leave a difference in finish between the rusty part and what was not rusty
on small components like total out meters I gave mine a coat of silver paint which looks ok
on large parts like the reel mech I can live with the difference
for a steel lined cabinet that is rusty Hammerite do a sage coloured paint which looks good
for chrome im now a fan of tin foil and elbow grease it works very well