You've gotten some good advice on the bench plane, and on the planes in general. My thoughts:
1. Obviously, clean them up. I like to use a white vinegar soak for rust - 24 hours in vinegar (take it apart first...), and you can clean most rust off with a toothbrush (or, better, a brass-bristled brush - look in the paint aisle at your hardware store). Rinse the vinegar off immediately, scrub off the rust, do necessary fine cleanup with steel wool, and hit everything, while still apart, with WD-40 to dissuade new rust. Then wax the sole and the frog where the iron beds, oil threaded parts, and reassemble.
2. In my opinion, especially for shorter planes, sharpness of the iron is 80-90% of tuning. You can spend hours getting the sole flat, filing the frog, etc., all of which may or may not be needed; but half an hour (the first time; it gets faster) getting a frog-hair-splitting edge on your iron, and you'll see more difference than you're likely to see with the hours of fettling. There are exceptions: there are planes so tweaked that you need to fuss with them. But, in my experience, these are few and far between.
3. I'm with Joe Faulkner; that block plane looks like a 110. Is there a post with very, very coarse threads sticking up at the front? If so, it's probably a 110; you should be able to see the model number somewhere on the plane. If there is such a threaded post, you can get a knob from Stanley: http://www.stanleytoolparts.com/12110usa.html. The new ones are not pretty, but they're functional, and easier than making your own.
As you read the literature, and the online discussions, you'll read arguments that ya gotta have an adjustable mouth on yer block planes. Patrick Leach, whose "Blood and Gore" is quite helpful in IDing Stanley plane models, calls the 110 a cheap piece of junk or something like that. If you learn the fine motor skills needed to adjust the iron on your 110 (suggestion follows), you're likely to find you can do quite a bit, and certainly more than if you don't have the plane. Again, sharpness, sharpness, sharpness! For adjusting it, set it on a smooth, flat, hard surface (all else failing, turn your No. 4 over), with a piece of typing paper under the sole in front of the mouth. Let the iron slide down until it's resting on the surface, and tighten the cap (you don't need Arnold tightness - just snug). Now look underneath; you should see a hairline edge.