I'd draw file the bbl to get the old finish off and also clean up the lines and flats.
Not knowing how good or bad the polish is on it now, I just normally start there especially if the finish on top
of it is an unknown type.
Nothing too aggressive, just a medium cut flat file, nice even strokes. Use a clean, sharp file. Use a new one if possible and save it just for draw filing.
It leaves nice sharp corners to the octagon edges and flat surfaces where you expect them.
Removing old rust brown or rust blue finishes can load up the draw file quite quickly when you first attack them. So kick the file clean on the side of the vise often the keep the teeth clear so you don't score the bbl surface. Once the old rust finish is cut through, it gets much easier to draw file clean full length strokes down the flats.
You don't have to go much past that draw filed finish when done to apply a nice rust brown to it.
You can use 220grit backed up with the same file (to keep the flats,,flat) if you want to smooth out the file marks a bit more if you want to.
Sounds like a nice project going to a worthy recipient..