My biggest concern would be that a lot more rust is present. Check the hardware under the playfield and see how it looks (lamp sockets, metal brackets, etc.).

Removing the rust (if its only surface rust) isn't a huge deal. The work is in disassembling everything. If the rust has eaten through chrome then you'll have to re-chrome the part.

For removing rust there are several methods depending on the situation: Evapo-Rust (soak it), tumbler, steel wool, Dremel abrasive buffs, etc.

You can get a cheap vibratory tumbler at amazon or you can use alot of elbow grease and nevr-dull cotton wadding.

must have been next to the ocean sometime in it's life. You see a lot of under playfield rusting. Little soak in evaporust or sonic cleaner will take care of that.

light sockets I wouldn't bother with. just buy new and throw them in.

it does if your buying. If it's dirty as shit, the price is usually $600 cheaper. If it doesn't boot, the price just dropped in half.