Like Toxic has said, brake cleaner and a little 0000 steel wool can clean the piston right up. You might want to break out some polish and polish it if you have some compound and a buff, it won't hurt. Just make it shine like a mirror...
All the white you see in the photo, not a tremendous amount is aluminum oxidation, you'll want the brass brush or dremel and brass brush to clean those up so you have bare aluminum. Others have said everything else that needs said I think.
Post some pics, please, of your work before putting back together so we have before and after shots... They make nice contrast.
David