I don't think heating with cold blue will do you much good and you risk more damage to the gun than good.
You are probably beyond what cold blue can do but as far as the rust I think it is the metal prep (not being clean / dry). I did a pretty rusted revolver that I had to take down to bare metal in many places but never experienced the rust you describe. I did the; remove rust, clean, blue, clean, and re-blue 3 or 4 times at about 2 min intervals. After still did about 3 more treatments. Ok but not the same as hot blue or plating.
Two of the best gun plating companies I know of are:
http://www.trippresearch.com/