I use enough water to completely submerge the item I am removing the rust from. The process won't remove rust on areas not completely submerged.
In the picture I posted, that is an old Stanley Bedrock #606 hand plane I am cleaning up. The white stuff in the water is bubbles. When you start the electrolysis process you will see bubbles coming off of the part being cleaned.
The saw blades that are connected in a series will dissolve. They are intended to be expendable electrodes. The connections for the blades must be kept out of the water, so basically the saw blade is only about 1/2 to 3/4 submerged.
I've found the more electrodes I use the quicker it gets done, just make sure the electrodes, don't contact the item be de-rusted. I also only use about 2 or 3 tablespoons or washing soda per gallon or so of water.
Tom