Welcome! It's nice to see your keeping the razor in the family!

I would suggest sending the razor to someone here to be professionally honed, before shaving or trying to hone it yourself. That way, you'll have a guide as to what "shave-ready" truly is.

If you can't locate the other strop, Tony Miller at The Well Shaved Gentleman has a great beginner strop for an economical price, and even his nice Red Latigo strops aren't expensive.

Good Luck!

~Chris

EDIT: Congrats on your baby boy!