I've spent my fair share of afternoons trying to clean old gunked up bolts. I've used wire brushes and I've used small files (between the threads). One thing I haven't used is the Thread Wizard, mostly because I didn't know it existed until just a few days ago.
It's a simple little design and (judging from the video, at least) it looks pretty successful. It's basically a die with a wire brush set behind it. There are two models available (metric and SAE) and each is built to handle eight sizes of bolt. The design also allows for the tool to be held in the hand or clamped in a vise.
They cost $25 a piece, so if you want the set, it'll set you back $50. At first, I thought, "well, now THAT's expensive." But now that I'm thinking about it, the immediate ability to quickly clean up 16 different sized bolts is fairly significant. For the right person, I could see these things paying for themselves fairly quickly.
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