Functionally everything should work correctly with out doing anything.
If you want to remove the rust for cosmetics... Well, that's going to be tricky like the others have already stated.
Here's the path I would take. New belt, upgrade sway bar w/ SPL end links, ATI Damper and remove/cleanup the idler pulleys (or get new ones depending on the miles).
Here's the rub though... I suspect you have other rust concerns in there lurking that you just haven't seen.
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