I ended up using Jasco to neutralize the rest of the rust. This product is awesome if you are going to paint metal. After you have removed dirt, grime, and grease with a wire brush and mineral spirits. You spray it on and it deactivates the rust within a few minutes, after that you wash dry and paint. A small amount goes a long way. I paid $6 for a bottle and used maybe a quarter of it.
Next up is mounting the drill to a post and getting a metal crank for the handle made.
Here are some photos of all the parts ready to be assembled and the new wood mount I made. The mount it came on was rotting.