I got a nasty 1987 RG550 with an original Edge tremolo from the pawn shop for $100.
It was in sad, sad shape. Dirty from head to foot, dirt all over the fretboard, and a rusty tremolo.
I got some heavy duty Rust remover from my buddy who works on cars. (I'll try to get the brand/name of this stuff) I put some of that in a bucket, with a little water, and I stripped down my tremolo. . took apart EVERYTHING that you can take apart, all the way down to the tiny saddle washers, and tossed them all in the bucket for about 2-3 hours.
I came back with a hand towel and took out the pieces one by one, and the rust literally falls off. Very cool. The longer you let the pieces sit in the solution, the easier the rust comes off.
I was afraid that the bridge was FUBAR, but NOPE! Its clean and shiny now, and works great! So does the whole guitar, in fact. It was a gamble when I bought it, I wasnt sure I could save it, with a little alcohol, rust remover, lemon oil, hand towel, and an old toothbrush, a couple hours, and Ive got a GREAT playing Ibanez RG. It just needs some dimarzios, and a new 5 way switch, and I will finally, with GREAT pleasure, deem it play-worthy.
Hope this helps.