if rusted, the bearing may not be savable. You can try wd40 or maybe CLR or simular.
if the bearings are just dirty...use electronic cleaner by radio shack to clean them. its expensive - but works amazingly!!! better than anything ive ever tried.
spray a good portion onto the bearing. let sit for one minute. hold the bearing between your fingers and spin it with your other hand several times at a fast speed. keep spinning for 40seconds. repeat.
then, flip the bearing over and repeat the whole process. the thing will spin like its brand new after youve done this process.
btw - the trackballs look UV faded. Theres probably not much you can do to change this. You will have to buy new balls.
I once tried to novice polish a ball.. and it didnt do anything. then... i took out some sand paper to see how far down the yellowish color was... turned out to be like 2mm's down! scrapeing that much off the ball surely would effect the way it worked.