Yes, 000 steel wool and WD40 to clean, then, steel wool and a good metal polish MAAS or Mothers works just fine.
Then if you need more, go to 1000 grit Wet & Dry with a wine cork backer. 1k scratches can easily be removed with steel wool and metal polish. You can go to 2k for a brighter finish or drop down to 600 if you need to remove more.
After steel wool and metal polish, you will have a very good idea which direction you need to go. If you hit it with deep cutting low grit abrasives, you will be doing a lot of needless sanding. And do not use a wire wheel. For active rust, which you don’t have, a single edge razor blade will cut it off quickly and easily, then steel wool and WD40 to clean. And be very careful with chemicals.
That razor should cleanup just fine with steel wool, metal polish and maybe some 1K.
Welcome to the forum, that should be a fine shaver…