| Steel wool, Scotch-Brite pads, abrading blocks, sanding sponges-- they'll all work just fine. The best thing would be a wire wheel on a bench grinder. The main thing, or course, is to keep it away from moisture. As for coating to prevent rust, I'd say it's only really necessary if you're not going to be using the thing for an extended period-- a good gun oil (Ballistol, Breakfree CLP) is what lots of folks prefer for real blades. Otherwise, just keep it away from sweaty clothing like everyone else has suggested and give it a quick touching up with the steel wool when you spot a bit of surface rust cropping up.
-Dave
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