Thanks for the comments and suggestions!
Digganob - I based the metal with Vallejo Oily Steel. Thin wash of black, then while it was still wet, stippled it with a piece of foam. Then I added thin glazes of Agrax Earthshade and secret weapon's Algae washes. Then I slightly dry brushed the edges with reaper rust brown. Next was a think layer of satin varnish. After the varnish was dry, I mixed secret weapon's pigments - Dark Earth and Rust Red in roughly 50-50 and applied it to the blades. I went a little overboard with the smaller axe, but a little clean water fixed that up. After that step, I just poked some of the dark rust with a brush full of pure Rust Red. Blew off the excess with some canned air, and the blade is ready for another thin varnish to seal it.
Let me know if you have any other questions..
Khonner