Rusty axe head restoration
There are a number of "baths" one can use to clean the rust pretty thoroughly from a part you described. WD-40 makes a product which performs well in the YouTube videos I've seen. Pour a sufficient amount to cover the item in a plastic bin and let it soak. I understand from the videos that the smell of the used liquid is objectionable, so stand upwind.

Some agitation would improve the action, as well as higher temperatures. Perhaps leave it in the sun to assist the thermal aspect.

A quick search for rust removal liquid returns many options.

Once the rust is removed and the part is washed of the chemical, you can coat it with a polyurethane clear product or similar.