Oxidation is a chemical reaction of the metal itself so I don't think it should be messed with as when cleaned off it would actually be removing some of the oxidized metal from the surface of the ring. I tend to think of it along the same lines as Peter, for the most part it is unacceptable in the coin industry and think the same would apply here. That being said if the metal ring was hideously rusted and really distracting from the overall esthetics of the piece I might be tempted to try something.
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