That finger that is slipping into that slot on the barrel extension is pretty important - it keeps the barrel aligned properly. Make sure you check to ensure it is there when you clean.
I've probably replaced close to a dozen 870 ejectors, all of them because that end broke off.
It looks like you picture is pretty square on. From the looks of the ejector spring bump I'd say you do not have a 3 inch/Magnum ejector. You can check for sure by getting a fired 3 inch case, putting it in the chamber, closing the action and seeing if it will eject the fired case.
I'd leave it like it is unless for some reason you want to fire 3 inchers. I would take a scotch-brite pad and knock down the rust on the mag tube to ensure it doesn't bind/stick when you cycle the action. I just go ahead and use Slip EWL on the surfaces of mine.
The nice thing about that finish is it doesn't take much to prep it for coating if you want to do that.
Patriotism means to stand by the country. It does not mean to stand by the President... - Theodore Roosevelt, Lincoln and Free Speech, Metropolitan Magazine, Volume 47, Number 6, May 1918.
Every Communist must grasp the truth. Political power grows out of the barrel of a gun. Our principle is that the Party commands the gun, and the gun must never be allowed to command the Party Mao Zedong, 6 November, 1938 - speech to the Communist Patry of China's sixth Central Committee
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