Both of these would be good suggestions if the razor was mine, but I'm honing it for a member, and even if I can get it shave ready at this point, I'm not sure what to tell the member.
With the problems I've had, I doubt a beginner would be able to maintain it, and I really wouldn't want to put my reputation behind a blade that I know is sub-par... At this point I'm confident that even if I can get it sharp, the back third of the blade will not hold it's edge.

I've already spent over 3 hours on a blade that should have taken 20 minutes max to hone.
I'm thinking my best course of action at this point would be to have him return and/or exchange the razor. (which is a real bummer, because it's a nice looking razor)