Hi Chris
I have a Bristol 3 that was sent to me by a college roomate---mine is in good shape except where the postal service crushed the tube and consequently the tip in thier door along the way
As far as the rust for yours goes---id get some fine scotchbrite (gray) and a light oil ---let it sit for a bit and wipe it down with the scotchbrite---it wont remove much if any material from the rod
Mine is painted on the outside (telecope) the inside sections appear to be copper plated steel
"She had hooks to make a fish think twice!" ---Chris Smither-"Lola"