Hi, and welcome to SRP!

First thing I would do (and I know this will sound weird, but I will explain) would be to smell your razor, particularly the scales. If there is a sharp, vinegar or camphor-like smell, then before you do anything, consider getting that blade out of those scales. It may be suffering from cell rot. That occurs when celluloid in the scales chemically breaks down, releasing gasses that eat away steel. This tends to affect the past of the blade in closest proximity to the scales (i.e. the bit that is between the scales when closed) which appears to be the case here, which is why I advise checking for that.

That razor started out as a very good blade, but IMHO will require considerable work to restore. Because the rust extends to the cutting edge, a considerable amount of steel will need to be removed before you get to a good cutting edge. So it may be salvageable, but it will take some work.

+1 to the advice to look in the classifieds here and a BIG +1 to the advice to start with a shave-ready razor.

Shaving with a straight will eventually be better and smoother than the plastic things, but you'll need some time and patience to get there. This is not a process that should be rushed since it involves moving an extremely sharp object along your face, and because it involves many variables that take some time to master. But be patient, stick with it, and it will all be worth it! Spend some time on the site here, and all the information you need is at your fingertips.

Good luck

EDIT: for more information on cell rot, use the search box at the top-right of the screen. There are many threads about it here in the forum.