Repairing pin fixed knives?

Joined
May 1, 2016
Messages
128
So I am working on this POS knife for my mother, it's a beater cheap chinese STIHL knife with orange inlays. Worth about 5 dollars but costs 20 dollars new on amazon

http://www.amazon.com/Stihl-Pocket-...STIHL knife&qid=1462766839&ref_=sr_1_2&sr=8-2

She has had it for a long time and it somehow ended up in my collection and I just never payed attention to it because it was heavily rusted, and had blade play in all directions out of the plastic.

I told her I had it and she wanted me to fix it up so I removed the rust, but I was wondering how I would go about actually getting all the internal rust out.
All of my knives have always had screws usually save for the really old ones but I always took real good care of them. Never thought to do this until now because I just baby my newer knives save for heavy use and what not.
I would like to tighten the blade so it stops the play, is something like that possible on a POS lockback knife like this?
 
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