I disassembled the plane, being careful to note where each part went. Next, I lapped the bottom and sides on an edge sander. It took a long time since it had never been trued when new. Planes don't come ready to use from the factory. The soles have to be flattened (or "lapped"), the chipbreaker requires modification, and the iron needs grinding and honing. I did all of these things then shined all the loose metal pieces.
I also refinished the knob and handle. Instead of the thick lacquer that had been on the wooden parts, I used boiled linseed oil and wax. That finish has a nice feel in the hand.
Incidentally, old Stanley #5's don't hold a lot of monetary value, so there's nothing much to be lost by doing whatever you want to them. They can often be found on eBay for $30 or so. After a couple of hours of work they can usually be restored to a better-than-new state. If you take on a project like this and want to go whole hog, invest in a replacement iron from Lie-Nielsen. They produce irons of thicker steel which are harder and hold a better edge for a longer time.
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