In the end I've decided to try Peelaway, got the sample pack with both the Peelaway 1 and 7, should arrive today. Not so sure on the use of the 'blanket', but I'm guessing it's there to limit access to air and let the chemicals work with no oxygen? Dunno how well that's going to work on a rather complicated piece like a vice.

Yesterday I've used some Corrossion X Rust Remover on some spots, brushed it on, worked really well, although some pieces have to be left overnight. Next part is to buy some enamel paint and get the thing finished.

Thanks for all the suggestions!

T.