T/C did make some early Cherokees w/o the Cherokee on the barrel. Saw one go for 2x a "newer" one with name on it at an auction a couple of months ago (both were near perfect). Both were .32, tho. As for the rust, use some naval jelly on a patched jag until you get it out, then check for pitting. If it is badly pitted (most likely), it is worth about $.04 a pound. You may be able to get some of it (pitting) out with automotive rubbing compound or flitz. Don't get too aggresive. tho. T/C rifling is very shallow. If pitting isn't really bad, it may still shoot PRB, but lead bullets will foul it out fast. IMHO...
Denny