Can you help me with removing rust from a sword and polishing it?

I have a knight's sword replica I got from a renaissance fair. I've handled it, and ppl have touched the blade. It's never been greased besides by the seller. It's been in storage (in a sheath) for about a year. I just got it out of storage, and as I'm sure you can tell it's accumulated some rust. I watched a couple videos on how to polish and remove rust. I understand I can use high grit sandpaper, and then light weight machine oil to polish. Is it reasonable to use CLR to remove the rust, and then clean it off, and oil it? Please tell me if this method is a good one, or if you have any methods you can suggest please do so. Thank you.