If...you really wanted to get it reblued the rifle would need to be in its stripped down state, but is it worth the trouble and expense involved? As this is a relatively cheap (but sturdy) little rifle, even to a collector. How bad is the metal finish? Fine steel wool soaked in a light oil, like 3 in 1, and used to 'polish' the metal work can make quite a difference in removing light rusting on bluing and can even make a difference to more stubborn rust, without affecting any original finish that may be left. The stock if you feel the need can be stripped down and varnished, as this would have been the original finish. I personally would be content to 'clean it up' as just mentioned and make good mechanicaly and accept its current finish as the product of its age and hopefully good use. Good luck with your project

Chris