Both guards unfortunately... However, after paint stripping I hit it with a nylon strip disc, then with an orbital sander with 60grit pads. You can see where I've stripped it here...

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Then I hit it with the wire wheel (the fine brass coloured one) on an angle grinder - pain in the arse as the little brass wires get everywhere, but it gets into any really fine pits in the metal. Then I wiped it down with deoxydene, waited for a couple of hours and hen finally a final go over with the orbital sander and wire wheel again. That way any tiny specks of rust that may have still been present have been treated. Long winded way around it, but effective.