Will it be used again or is it a lawn ornament or well protected and nourished antique?
First disassemble it right down to the last nut and bolt. Then you can take all the metal parts to a shop where they can be chemically cleaned. Or sandblast the metal parts, apply a coat of phosphoric acid, wire brush it off when dry. Repeat and then paint with a prime coat rust inhibitor. Then apply finish paint.
For the wood do a good sandpaper job and also epoxy any little spears of wood back into place. Then a prime coat and the finish coat.
And do look up painting procedures and rust prevention procedures on the INTERNET. There will be lots of options.:thumbsup: Pick a method suitable to your budget and project and follow through!:thumbsup:
Best thing you can do for the wood is keep it indoors and dry.
If wanting to lighten up the wood, then mix a solution of water and bleach. Rinse the wood well after treating. A linseed oil, or similar, would be good for a finish.
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yep, a linseed oil or similar treatment for the wood would be my choice as well.
wire wheel or chemically remove the rust on the metal parts, then paint or clear coat to protect.. that is, if you wish to keep this as ornamental.. etc.
If you have a big enough container I would try electrolysis for the steel. Fairly simple and safe and you probably have all the necessary items in your shop.