I would use fine steel wool to remove the red rust and then oil the metal. 0000 steel wool saturated with linseed oil to gently clean the wood. Then wipe off excess linseed oil. It would look better on display with hammers. Look online, Dixie Gun Works etc. If only for display the fit of the hammers is not critical.

It will probably look nice on the wall without restoration. Just clean it up and put some hammers on it.

Last edited by Hammergun; 01/27/16 03:19 PM.