I had to do spring maintenance on the Studebaker today so we did not get much done on the Jeep. I went after the rust and crud with a wire brush in a drill motor. I then cleaned it with a Brillo pad and water. Then I dried the drum and sanded the surface. This is what I ended up with. Not great but tolerable.
I also cleaned up the threaded bits with taps and dies. I just chased the threads in the hub, lug nuts, and wheel studs. I have several new lug nuts and was tempted to just replace them but decided to just use what I have.
I also got three tubes of John Deere Cornhead Grease to use in the steering knuckles. This is a very thin and slimy #0 grease that should be loose enough to lube the knuckle but thick enough not to run out. I cleaned up my backup grease gun and put this stuff in it.