i have a E-303 cam it has a little surface rust on it vary little i used emmery cloth on it and it is smooth but the rust color is still there slightly if anyone would pm me for pics to tell me if they think it is still usable thank you.
I know this is a month later, but if you are still wondering... I think you are just asking for trouble. there are issues that could arise, maybe sooner or maybe later. just imho.