I would suggest the biggest improvment would be to add ties and ballast. I cut my own ties as a kid. If you don't want to make your own I believe Gargraves will sell you ties already stained. Gun blue would be OK. The use of oil afterwards prevents the bluing from turning to rust. It won't have any real affect on electrical conduction. Try it on section if you have doubts.
https://www.youtube.com/watch?...amp;feature=emb_logo
Pete