I restored my grandfather's old 1885 Stanley 4 1/2 hand plane.
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Step 1: Disassemble
Disassemble your hand plane and make sure not to loose any parts.
Step 2: Degrease
Degrease all of the parts. I used this product ( http://amzn.to/2xg7qUW ) to spray on and scrub off with a wire brush.
Step 3: Rust Removal
Place all of the steel parts in a sealed container. You will want to use something to raise the parts up off the bottom. We used nuts and this allowed the solution to remove the rust from the underside of parts. Pour in a rust remover product ( http://amzn.to/2uWk7Y7 ) and let the parts soak overnight. To speed up the process you can periodically scrub the parts with a wire brush and place them back in the rust remover.
Step 4: Flatten Plane Sole
Use sandpaper and a flat surface to flatten the bottom of the hand plane sole. I chose to flatten the sides as well, but this is not necessary. 400 grit is a good place to start and finish with 800-1000 grit.
Step 5: Paint
If the original paint has worn off, now is a good time to re paint. Use painters tape to mask off any areas you don't want paint. I used a spray can of black semigloss paint.
Step 6: Polish
Polish all of the other small parts. I used a Dremel and buffing compound. This will really bring the shine out on any brass parts.
Step 7: Sharpen the Blade
Use your preferred method of sharpening to sharpen the iron. I used this diamond stone to sharpen http://amzn.to/2iiQ0EE
Step 8: Fix Handle
If either handle is broken you can either fix them or create a new one all together. I chose to glue the handle pieces back together and sand them flush. I used this glue http://amzn.to/2vsGrpp
Step 9: Re Assemble
Take all of the pieces and put the hand plane back together. Adjust the blade to barely stick through the bottom of the sole and make sure it is parallel to the plane sole. Lubricate any moving parts with some 3in1 oil.
Step 10: Done!
Time to make some shavings! Your all done!