Don't fool around with all this fancy stuff. This is not an 18th century cannon. You cannot restore rusted steel with electrolisis or anything else (except welding in VERY selected cases). Put it in a bathtub of clean fresh water with a little dish soap and disassemble it in the water, scrub each part, and then dry it and soak down with WD-40. Surely you have 2 hours to spare. This WILL stop the corrosion and maintain the status quo while you finish evaluating the situation. When you get it clean then you can see what the real overall situation is. You have NOT stopped the corrosion, merely slowed it down, and have kept it from being greatly accelerated by exposure to air.
I would think the wood will be okay in fresh water for awhile until you decide how to deal with that, but I suspect it is okay. Wood starts out mostly water, just like we do, so it's an entirely different situation. Water won't hurt it, BUT intermittent water and organisms do.
