Well,did and done, and I think the kingdom is saved. I carefully tried Owatrol on a few small areas and was very happy with the result.
Owatrol is a number of things... a creeping oil, a rust inhibitor and a Paint/stain aditive to improve the flow of paint.... as such it is good for rust and wood and does not harm paint.
I will get some outside photos done when the weather is better, but I am happy with the result. the nails look to be "saved", the oil has brought the paint colors out really well without interfering with the "look"... i.e. it is all protected and dandy, but in no way restored.
I am a very happy boy!!!