I think the above divergence of opinion is correct, for we can't yet know how deep the pitting is, or how the edge is affected. After the timespan described, we can hope for the best.

Rust is like rats, for if you leave any, it will breed more. I would put most trust in chemical removal, but anything that does that, can frost the surface of the steel. This is not a mirror-polished blade, so I'd be inclined to do it, and rely on abrasive paper of 1200 grit or finer, or metal polish, to make it look as good as a razor with pits can.

Naval jelly can be localised in the pits with a sharpened matchstick. Or you could hang the blade in dilute hydrochloric or sulphuric acid, starting with a strength which does nothing at all, and increasing till you see the rust loosening. If you don't want to use chemicals, I would stand the blade in alcohol or penetrating and easing oil for a while to loosen the rust, and then brush it very throughly with a brass suede-shoe brush. Avoid rubbing it over the edge, or you will increase the amount of honing needed.