There is plenty of advice on the forum but in the library there is a useful guide
Hand sanding a blade - Straight Razor Place Library
From experience I would say the best thing to do before undertaking any restoration is make sure restoration is what is actually needed. It's very easy to read a few guides or posts and fall into the trap of assuming knowledge (I know from bitter experience!) Firstly I assess what is actually needed, if there is rust is it brighter red meaning is still active or is it darker? If still active it needs to be stopped. Try gently scrapping with thumb nail, this might be all it needs. If not then a spray oil on a cloth is good, being a cyclist I use gt85 but something like wd40 is good. Remember oiled razors as slippery! If the rust is the darker kind that is not active then removing metal is the only option, this type of rust leaves a black staining (devils spit we call it) this way often leaves pitting underneath. Start b with a low grit wet and dry, I use 320, remove all the damage. Take your time. Go slow. Don't try to hurry onto higher grits, get rid of all the damage before progressing. I then go through each grit progression up to about 2400 when I switch to a polish, like t-cut metal polish.
This really is only my take on the very basic though. Probably the best approach would be to post pics of any razors that you want to work on, explain what tools you have available and take time to really review all the advice offered.
Hope this is of some help, feel free to pm me if you want me to elaborate on any points.