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I have a chance to by an old vintage "Blackhawk SJ-18 floor jack. Can anyone give me some pointers on things to look out for and would $195 be a reasonable price. It appears to be in good shape for restoration.

DrivewayDave was right on. Those are the same processes I use in restoring vintage tools, and in that order. Vinegar is by far the cheapest and electrolysis should be accomplished in a safe and cautious manner.