OXALIC ACID.
Come on, dudes. Do a search on rust removal and you're bound to find several threads regarding it and many if not most will come with high praise for oxalic acid. Here's what you do with oxalic acid:
You put it in water. You put the rusty part (or frame) in water. You let it soak. The rust disappears.
It's the easiest rust removal method in the known universe. So a search on it and learn more about it.
UPDATE- Oh, tools. I'm tired today.
Sorry, it would work for tools too but the beauty of oxalic acid is it works great on old chrome and paint, etc. But tools aren't delicate so...
phosphoric acid works well too, it turns rust into a new form of iron (forget what it's called), rust turns black and that black coating is rust proof.
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Lemond Zurich, Cinelli Hobootleg Geo, ICan gravel bike, Tifosi Rostra, Specialized vado turbo