Thanks for the advice, guys. So far I've cleaned the exterior, sharpened the blade, pulled the spark plug and cleaned it, checked for compression (good), added a little oil to the cylinder, gave it a few good pulls to get things moving, cleaned the air cleaner, and checked for spark.
I wanted to add the oil to the cylinder just to make sure I didn't break something if there was rust. Didn't add much. Probably will get a little smoke on startup. It pulled quite easy so I think the internals are rust-free. The air cleaner is as clean as I could get it, but it needs replacement, the outer covering is starting to disintegrate. When I checked for spark there was none, so I probably need to look at some of the electrical components.