Yeah, blasted is just where they basically sandblast the thing to get the desired effect, but of course the blast media can be any number of things from sand to plastic media to ground walnut shells. It usually follows the grain pattern pretty closely (but doesn't have to), which is why the marks running perpendicular to the shank look like they've been added mechanically. Rustication is usually taken to mean some other mechanical means of carving a texture onto the pipe, such as a hand chisel, rotary tool, wire wheel, broken-off Phillips screwdriver bit, something like that.
It's cleaned up nicely so far, by the way. Oh, and Pipedia says Excelsior was an Oldenkott sub-brand, and that's about it. Could be an un-related house brand, too, I suppose; the stamping doesn't look very distinctive.
EDIT: The Oldenkott thing is in addition to the stuff Hunter dug up. I'm not trying to supersede the info he found!