If the armiture and stator are laminated, why does the rust form?
Anyway, too late for this one; I already had completely submerged it in Evaporust (does excellent job of rust removal!) then used a steam cleaner, then air compressor and several days of drying.
Then I did sand some surfaces lightly, and applied (with a cloth) a light coat of wd40 (avoiding any plastic or wires or anywhere near commutator).
One of the bearings was a bronze sleeve, and I applied some drops of a PTFE lube into the cushioning.
Reassembled, and it works, so there's that. For now.
Next time I will heed your suggestions, thanks very much. 
I especially like the paint idea -- when you say high temp varnish, do you mean the clear acrylic? Is there a high temp clear spray paint? I've never seen one.
ETA: say, could I use clear nail polish on those parts? 
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