As someone who worked FAR too long refinishing metal, let me agree with those who have said "leave the saber alone"! I shudder to think at the damage I've seen done to heirloom pieces over the years...

As for preserving the basket and blade: use Renaissance wax. Works better than ANYTHING I've ever seen.

Oil is good, but you have to keep reapplying.

Last thought: if it has a leather sheath, don't store it IN the sheath. Many leathers have chemicals that will combine with oil and turn into an acid (have a rapier that was damaged that way. Don't ask about the Automags!)...

Looking good so far!