For me it depends on how many speed chain it is.
I did an old 3 speed Dawes up for my SIL, the chain was absolutely siezed solid and rusty. Plenty of WD, then some more, then some more, working it in, working all the siezed links free, then soaked in oil for a day or so...its been fine. Doesnt look pretty, but functional.
But i wouldnt do that on a 10/9 or maybe even an 8 speed chain. I work on the (perhaps misguided) principle that old, heavy chains will take the abuse more. Also, my SIL isnt one to rush about, she'll put little or no real strain on the chain.