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There's a product called rust-cutter sold by most golf club component 
distributors.  It's very effective, but make sure you wear rubber gloves when
using it.  I suspect though that the rust is caused by the chrome plating 
chipping off exposing the base metal.  In this case the proper method would be
to sandblast, regroove and rechrome.  This is time consuming (not an issue) but 
also expensive and difficult.  (remember you'll want to save the stampings
also)  
If the finish on the woods is still in good shape, then glanz wax and an 
unstitched buffing wheel will do the trick.  I wouldn't play with them after
this (you're removing finish) but it works just fine for displaying them.  If
the finish is chipped then a standard refinish is in order.  If there is an
engraving on the crown of the head, a dremel tool is required.  
If you have not done this type of thing before, DO NOT start with these clubs.
Go get some junkers and practice.  There are several good books about refinishing
clubs, also some good schools on the subject.  Look in the golf mags for 
suppliers, or send mail and I can make a recommendation.  OF course even after
reading the books, club refinishing is still more art than science so the
junkers are the most important part of the process. I'm sure you'll have a lot
of fun doing this, but the best part will be hanging them up on your wall.
						KO
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|  |     Hi,
    First Flight was one of the premier golf clubs in the 1930s......
    ......They were popular due to the workmanship and staining of woods.
    
    The fiberglass coating on the shafts is meant to simulate the hickory
    that these first steel shafts replaced......You will most likely find
    that the shafts are coated with celluloid and not fiberglass.
    
    Sounds like a "nice" find and a good price......Go to an antique dealer
    and get their buffing wax for the woods......The pink, commercial rust
    jelly is fine for the irons......Remember, they are old and will look
    better displayed clean but auld.
    
    Should you really want to go first class, send them off to Golfworks in
    Newark, Ohio for the ultimate in refinishing......Get an eleven club
    rack from Austad's in South Dakota to display them on the
    wall......Well worth the investment to perserve a fine set of matched
    clubs from the 1930s!!!!!!!!!!!!!!!!!!!!!
    
    Regards,
    Tom
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