You wipe down the piston and if it does not look pristine replace it. Never wire brush or sand. If it's got rust or pitting then the plating is gone and the piston needs to be replaced.What is the best method to remove corrosion from the caliper bore and sides of piston? Fine sandpaper, steel wool, wire wheel on Dremel?
All of the above?
The caliper bore can be resurfaced with a brake cylinder hone.