Hi Steven,
I think you should keep the blade as is, and look into ways to prevent it from rusting. I wipe mine with 99% isopropyl alcohol to clean up the old oil, wipe it dry then apply a thin layer of Singer sewing maching oil on the entire blade except for the tang and wipe off the excess, and do that every 2 to 3 months. You can find other methods on this site or YouTube that works better.
Enjoy the blade.