If money is no object, replace it.
Before you install it, use a micrometer to make sure the lobes aren't worn. I bought an Edelbrock cam from a friend. He got it out of a 302 boat motor that had only been run a few hours. When I measured the lobes I realized that a couple of them were shot. They guy that had the boad before must not have broken in the cam correctly and fried a few lobes. I ended up buying a new one.
Assuming the lobes are in spec and not super pitted from the rust - super fine steel wool and WD40 sounds pretty good. I would not polish it, you just need to remove the surface rust.