Doctari,
Here is a neat little trick that I was taught by a old fellow that did a bunch of metal work. You could try to cold weld the pits. The idea is to clean the rust out of the pit, then using a pin drill widen and slightly deepen the pit. DO NOT GO THROUGH! Remember, all you are trying to do is make a even hole. Next take a piece of mild steel the same size as the new pin hole and peen it into the hole. Smooth and polish her up if you did this properly, it will make a repair that will be almost be unnoticable.
This repair is comsmetic, I can not see how this would strengthen the metal.
Another fast an dirty method is to clean out the pits as best you can, then fill them with JB Weld. Smooth the dried JB like you would autobody filler and have the rifle gun coated. I have done this on a couple of Mauser actions that I have reworked, it really works well.
Good luck.
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Joe Portale
Tucson, Arizona Territory
"Those who turn their swords into plow shears,
end up plowing the fields of those who didn't"
Thomas Jefferson