If all that is wrong with it is surface rust...
It should be ok.
Now if it got wet 10+ years ago, and has been rusting in the corner... that can be another story.
Some 600 grit and a bit of oil would do good for the cullum rust(finer grit sandpaper would be better in fact)
The table... Take some 160 or 240 and coat it with oil, then sand the surface 'till clean of rust.
Wipe down, re-apply a light coat of clean oil, and you should be good to go.
For 50.00, i'd pick that up personally.(or at least go look at it)
l8r