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You might also try "Break Free" I learned to use this to clean reels when I worked at a tackle shop. Spritz, let soak for a while an corroded screws would come loose without a problem. I don't see why this wouldn't' work on insulated wires, spray a little on the wires let it run down into the insulation (hang it up by the wires overnight for thorough penetration, spritz a little more the next day and scrub with a toothbrush and it should clean most of the rust off.
FFY
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