Hi there, my first post-
Because sites like this gave me a decision guidance I thought I should share what I got.
I have a image album done already, thats why I don't re-upload it here.
My 1899 S&H:
http://imgur.com/a/Q9WOm#0
I know grinding is no-go, but the rust penetration was too deep to ignore it. It was no easy decision and I kept it to a minimum.
Wire wheel/brush and WD-40, angle grinder and belt sander on the working surfaces.