Yes and rub lightly. I revived a old 870 this way. Don’t sand it heavily but rub oil in to it lightly.
Just double triple quadruple check the inside of the barrel as well. If that out side is rusted that inside is most likely as well
Good job bud. Looks nice. Only thing I recommend is to double triple check the inside of the barrel is clean. If the exterior is rusted the inside probably looks similar. But you did good work giving the 410 a make over.