Bailey #3 iron question

I bought this plane a few years ago, took it apart and that’s as far as I got, till now. In the process of getting things together to build my first real bench and started looking and reading about hand tools. I remembered I had this one put back and started cleaning it up and have a couple of questions. The iron has a curve in it at the upper end, pretty sure it isn’t supposed to. Can it be cleaned up and straightened or should I look at buying a new one? Also the chip breaker has a good amount of rust. Would it be ok to just clean the rust off or does it seem to be too bad?
Thanks for any help. For some reason I can’t get the whole pic of the iron uploaded here. Seems it compresses it or something. Look at the second pic and it seems straight till it gets just past what the pic shows and the tail end is off table about a 32” of an inch.

-- Troy. - Measure twice, cut once and fill the gaps....