There’s plenty of oil on it, but
Rust has definitely formed.
Water got mixed into the grease and it was stored as-is, then the race contact point started weeping—that’s probably what happened.
It might be a good idea to disassemble it occasionally and replace the grease.
The worst corrosion is in the center and the lower section on the tank side
There are casting burrs left behind—I’ll clean those up for you.
This side too
The lower side was OK.
