Robert, here is a close up of the inside of the last waffle iron I cleaned. If you don't get all of the organic matter off first, it can hide rust, and the electro will not remove that rust, unless you let it run for an extended period of time, depending on your setup. I can't tell you how many pieces I've cleaned that I thought only had old seasoning on them, but once the seasoning was removed in the lye, it revealed rust underneath. It makes a good enough case for me to always use a lye bath to remove any paint and organics. Then electro, and then lots of detail brushing and scrubbing to remove the reduced iron particles. There are just too many nooks and crannies on waffle irons!
Like Cheryl says, a lye bath will last a long time. Don't use a cheap container either. A 20lb. fish fryer can split a cheap plastic bin on both sides. Ugly, black, caustic liquid covering your garage floor is not fun to clean up.
You will have to occasionally add more lye. You'll know when if the pieces soaking in it start to get a rusty film on them.
And don't get me started on that JW dinosaur pan!