I have used molasses, Evaporust, electrolysis, and acids to remove rust from woodworking tools I use and collect. Evaporust and molasses use the same principle of chelation to remove rust. Evaporust is faster and more expensive than molasses. You can soak steel for several days with no worry of rust. It requires scrubbing to get the residue off, but I use it more than any other rust removal process on every thing that easily fits in a small bucket. I like the stuff.
I use ER on hand planes for all small parts, and those with corrugated soles, then brass brush to clean the corrugations. I have never seen additional damage to the japanned finish with ER nor do I recall paint lifting on other tools. I usually don't use power tools for a restoration as fatal mistakes can happen too quickly. I do use rotary brushes on plane soles (not sides) because the first step of fettling is to flatten the sole anyway, so any scratches will be sanded and polished off.
Electrolysis works best when the anode and cathode are in direct line of sight of each other, and as close as possible without touching. I find it leaves a black residue that doesn't want to come off without a lot of effort, but it most definitely works.
Acid treatments work well to remove rust, but you must keep an eye on it. The cola trick works because of the phosphoric acid in the formula. Phosphoric acid is available through home brewing shops. I have never used it outside of home brewing, but have read it is not as prevalent to cause etching. Test it on something you don't care about before using on a good tool. Take care with acid treatments. I forgot about a very old draw knife once and left it in 9% vinegar too long and ruined it. I use strong vinegar to sharpen files and rasps, and it brings some of them back to good as new. Clean the teeth with a file card, then degrease. Check them every couple of hours. The 5% will be slower, but will also work. I don't use acids on fine tools any more, just as something to sharpen files or maybe a particularly rusty smithing or farming tool.
I remove residue with nylon, brass, and sometimes wire brushes. Razor blade paint scrapers are wonderful to shave off rust from hand saws and large smooth soled planes. Round the corners of the razor blade on a stone so it will not gouge the metal. I am reluctant to use power tools as mistakes happen way too quickly with them (BTDT). I also use steel wool and wet sand with 240 and higher grit paper, always with a sanding block. I also use the green, grey and white abrasive pads. The white ones have no impregnated abrasive, and are great for cleaning wood. I use a lot of the generic Windex from wallyworld to clean wood, but it is cheap and does a decent job. There are better cleaners.
Sorry to be so long, but I have been restoring tools for 15 years or so, and hope this might help someone restoring a nice gizmo. This is like patch lube formulas and butt holes, every one has one they specially like. This is what works for me, so don't get on your high horse if something different works for you. Post it and I may try it. Always looking for a better way. Here is a typical backlog of socket chisels awaiting restoration. Keeps me out of the bars at night.