Lye is also an ingredient in lutefisk, olives (making them less bitter), canned mandarin oranges, hominy, lye rolls, century eggs, and pretzels ,
Lye is very much water soluble and easily scrubbed from the Iron.
Both Vinegar and Coca Cola contain ACID and must be used carefully to de-rust Cast Iron.
I would forget the Coke, and just use a 50/50 solution of White Vinegar and water, checking every 30 minutes. The longer in the vinegar bath, the higher the risk of permanent damage/etching to the iron.
But strip the piece first. Yellow Cap Easy Off oven cleaner will work, but it also contains lye... :)