Whew, thanks for the talk down yall..... so evidence of prior corrosion may be left by a previous polisher?
I was just not anticipating finding any corrosion at all, and overall the blade is much better than this one spot. I deal with raw carbon steel a fair amount, and have never seen super aggressive rust/pitting, but have heard/read horror stories of things aggravating rust (glue on sword rack felt, etc). As I stated above, I use carbon steel in the kitchen, but wipe down with oil each use and have never had an issue...
On this sword I am using Wilson Ultima Lube II universal gun lube...... I don't know if it has rust prohibiters like the express stuff, but I use it on all my firearms, and it works great. That said, I am not set on one particular oil. This stuff is slightly thicker than typical oil, and I like that I can put it on and see the coverage, (my eyes aren't that great anymore) so liberally just means that I can see the oil, not that it is dripping off or anything..... about 5 thousandths.
I like the pictures idea.... that may be today's project!