It's always been a hot bluing salts problem as far as I was concerned.
The salts get under the two pieces, rib and sight ramp, and don't get flushed out afterwards. The salts are hydroscopic (sp?),,they attract moisture from the air afterthey dry and as such start to rust the metal in there and it shows along the seem betw them.
Oil won't flush out the salts or kill the chemical reaction problem.
Simple boiling water will flush them out, but the problem is that the tight fit won't generally allow a good clean job of it and some remains in there to rust.
Disassembly, clean-up and reassembly is the general cure.
Rounded end pins for reassembly usually. Sometimes extra polishing is needed to get rid of pitting done by the rust sitting there for long term. Then a reblue with the parts separated so the salts don't collect and cause the problem again.
...A question I have always had regarding this and the bluing processes at S&W,,,
this problem shows up on pre-27, and Mod 27's and some other models of S&W from the same era. I've seen it on early 29, pre 29, ect.
I've seen it said over and over that during this time frame that Carbonia Blue was still in use at the factory,,IIRC right up into the early 70's.
Carbonia Blue is a dry process and will not cause this damage to happen.
There are no 'salts',,no water soln bath at 300F that the parts are soaking in. Nothing to seep into the seem and get locked in there unable to get flushed out. No boiling water bath cleaning of the parts is done after Carbonia Blue in fact. They are dry.
I had always figured from the look of the blue and working with the guns and on them that the bluing was nothing more than hot salt blue used Post WW2.
The problem seen with these front sight ramps rusting is a good indication of it and a problem seen other places too from incompletee rinsing after the process.
So what's the real answer,, were they using hot salt blue in the pre-model era ,,and that causing the rust as it is immedietly suspected when one of these ramps/rib rust problems is seen.
Or were they using the Carbonia Blue well into the late 60's or early 70's as often said.
Or perhaps a mix of the two processes?