Thread: blade reshaping?

I'm looking for some advice before I put this to the hone. Firstly sorry for picture quality but best I can do just now. The issue I have is that this blade has considerably more toe than heel.

The razor belonged to a friend's grandfather, so before I do anything with it I want to be really sure it's the right approach. The razor has a small chip toward the heel, my guess is that it was dropped and an attempt was made to hone it out. Resulting in the lesser blade at the heel.

The razor has seen very little time on the hone judging by lack of spine wear and thickness of the blade at the toe. If this was mine I would be tempted to hone the reminder of the chip out and then look to establish a bevel and see if it would take an edge, the wear wouldn't bother me if it took an edge.

The alternative I suppose would be to bread knife or similar to straighten the blade line.

Any thought on which approach would be best, or advice on alternative would be appreciated. I'm keen to avoid creating any future problems by rushing into this one.