I'm restoring an old milling machine. Here's what I do:
1) quick brush off with old tooth brush
2) bathe in purple power to degrease. Most will come out of this bath looking like new. wire wheels destroy finishes like CAD. I don't think purple power does. Most times, I coat the fastener in 3 in 1 oil and re-install. Only detail is sometimes the purple power works in a few minutes, sometimes an hour, sometimes its best to leave them soak over night.
3) If they are rusty, they go into Evaporust (again, no mechanical processes) Out of Evaporust, they come out grayish, but completely rust free.
4) Chances are if they rusted, their original finish is gone or never existed. In those cases they go into another dip process - Brownell's Oxpho cold bluing. Caswell plating make a similar product. In a minute or 2 they come out black. If you leave them, they can turn brownish- that wipes off with an oil soaked cloth or paper towel.
5) Last dip is often 3 in 1 or WD-40. For parts that get handled, I sometimes wax with shoe polish.
Here are the fasteners in process. You can do a pile as easily as one or two.
This is the result. Mill is a 1967 Series I Bridgeport