It's safe on all bluing and metal but I'd stay off the wood. Some of the ingredients can be bad on the woods finish.
The beauty of the homemade Ed's Red is you can add or delete various parts of the ingredients to your liking. Sort of like grandmas cooking where it was a pinch here and a dab there. I use the stuff for cleaning all my firearms. It's great for cleaning my pistol parts, AR parts and shotgun chokes in a mason jar full and let them soak. The crud wipes right off after the soaking.
If you use the acetone in the mix you don't want it anywhere near the finish on the wood. I think it's really 4 or 5 ingredients for the full deal - equal parts Acetone, Kerosene, Dextron ATF, and either odorless mineral spirits or charcoal lighter fluid (depending on how aggressive you want it to be). An optional ingredient is lanolin - I don't recall the amount as I don't use it - but its about 1 lb per gallon of ed's red.
For something thats not going to harm the finish on the wood just leave out the acetone. The ATF/kerosene/mineral spirits(or lighter fluid) is a good solvent all by itself.
Non of the ingredients are acids or rust removers - they won't hurt metals or bluing.
If you use the acetone mind the container you store it in. Acetone will eat/soften a lot of different kinds of plastics. Make sure you get a container with solvent resistance. I have a 1 gallon gasoline jug - its fine - but the o-ring in the cap dissolved within about 15 minutes.
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