Post War Steamer Repair

Looks like the only proper way do it is replace both pilot and trailing truck and the drivers. Too much rust and corrosion to try to clean. I can restore mechanism if interested.

Replace the leading and trailing trucks. A brass wire wheel should take care of the drivers - even easier if powered.

You could just clean the drivers, but they are going to be pitted and look nasty.

First, clean the wheels. You have nothing to lose by taking a wire wheel to them (just wear your safety glasses.) If they still look rough, try some jewelers' rouge and a felt wheel. If they don't suit you, then replace what you don't like. I'd bet you'll be surprised how well they clean up, but only you can decide how shiny you want them.

I personal would at least take a look at the after using a dremel and wire wheel and see how they look. as they might not be as bad as they appear in the pics. A lot of cameras will make the rust show up worse than it is. I have taken pics of items and not see any rust but it shows up in the pictures. I would even do the front and rear trucks. 

I've rescued worse.
Most of that rust should come off fairly easily.
The rear truck and collector shoes can be easily removed and soaked in Simple Green.
Then scrub with a hard bristled tooth brush. That will remove a lot of the rust.
Then, if necessary use the dremel, and put a light coat of oil or some sort of metal protectant on the parts.

The drive wheels will be a bit harder because you are not likely to have the tools to remove/replace them for soaking.

Worse case, the motor mechanism is common, and can easily be replaced.

I think you'll be surprised how much of that rust will come off without a trace.

What have you been waiting for!

 I always just use oil to remove rust. Usually penetrating oil, but regular works to. Time is needed though. It isn't a one time affair; but a maintenance that done in your free time every few days/weeks. Each session easier than the one before, and after the first 2 or 3, very fast and easy as it will be cleaner each time. Oil, soak a bit, agitate with wire brush (brass takes only rust away, not good steel) wipe, repeat. Leave it oil damp on a rag, etc. at the end of each session to soak deeper. Removing the shell and soaking the whole motor in a pan of non detergent oil is possible too. (non detergent oil can still be found in home/garden depts. for lawnmowers etc.)  I'm not sure a detergent oil would be ok on windings, it might be ok. A member here pointed out that he dunks/drenches motors for various reasons, and so does the US Military, thats where he learned it  

I found a earth buried Marx 20 times worse, oiled etc. often, and it still runs today 25 years later.

I was unaware that simple green would remove rust CW. Interesting.

(just dont clean Fasttrrack with SG Paul. It has been reported that it melts the roadbed)

Thanks everyone for the kind suggestions - you've given me a lot to think about. I have never done anything like this before, and since this was my first train, I am very scared of doing damage beyond what is already there.

And Bill, trust me, the rust is as bad, if not a bit worse, than the pictures show!!!

Thanks again.

I would encourage you to take the opportunity to grow your skills and connection to this locomotive with the support of this forum filled with knowledgeable people. The motor unit (with drivers and such) is very common as it is shared across variants of the 2016, 2018, 2026, 2029, 2036, 2037 locomotives. If you mess something up, you can likely have a good serviceable motor unit for less cost then it would be to pay two way shipping and service & parts fees to have someone else do "restoration work".

I collect Postwar, and MPC. Like C.W. said above, the damage isn't as bad as you may think. I would use a Dremel with a wire wheel on all the rusted surfaces, oil the motor, and I would dare to say, it will run like a beast. Those old engines are bullet proof.

If you use a brass wire brush, the bristles will not get caught in the magnetraction.

Thanks for the warning, Roy. I assume that would also hold true for any of the metal/wire wheels for a Dremel???