In the past I've always scrubbed the heck out of heavily rusted parts. This of course results in pitted surfaces. Depending on the surface I either paint over it with thick heavy coats, or fill in the pits and then paint.
I've known about electrolytic rust removal for years, but haven't had the opportunity to test it due to it's volatile nature. With small children around the house, it's nothing I wanted to have an accident with.
So with my family gone for the weekend, I thought I'd experiment with this a bit.
I used an 8V wall wart. Cut the end off, separated the wires and soldered an alligator clip to each one.
Lots of people recommended to use washing soda as the electrolyte, but I couldn't find any locally. One report I read suggested using lye, so that's what I went with. Approx 1 tbs per gallon of water.
As my "sacrificial" piece I used a clump of steel wool.
The first thing I tried it out on was a piece of steel I found on the ground outside. After about 1/2 an hour the rust was all but gone.
The thing I really wanted to de-rust was the marquee bracket on my Donkey Kong. I'd started cleaning it up with my wire wheel but with the tabs on it it kept catching and whipping out of my hands.
So far it's been in the solution for about 1/2 an hour. It's already looking much better.
I'd post pictures of my setup, but the wife took the camera with her on her weekend jaunt.