Uh, both options are workable. Yes, you can clean your blades off with some 00 steel wool (or sandpaper), but I will tell you this: the first time you need to replace one, you're going to end up having to buy the whole thing anyway. Your grips (and pommels) won't fit the new baldes out -- different thread and tang size. Do yourself a favor and buy new at your first available opportunity.
And a word to the wise: if what you're using is italian steel, IMHO it should be trashed anyway. I experienced a definite tendency for that particular kind to break along the length of the blade, not across, and that is extremely dangerous. Pitch 'em if that's what you've got.
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Youth and enthusiam are no match for age and treachery....