After leaving the Wagner skillet in the electrolysis soup overnight, it came out pretty close to bare metal, especially on the bottom. I now have it in the oven getting a new coat of seasoning. It will be perfect for when it's just the wife and I, and the quality of these old cast iron skillets is matchless.
Not all the gunk came off the inside, so I burnished it to get it looking like this. I'll be seasoning it over the next few days, and hopefully it will be nearly as stick free as if it was covered with teflon.
The tongs didn't all fit in the tub, so the other half is in now, and I'll check it's progress tomorrow morning. It's fun using science to avoid all the sanding I'd otherwise have to do to remove the rust on these old tools.