Complete rehone of an old razor
With the 2 k stone, the 5 micron diamond and 3 micron diamond you will be able to get a good shave ready edge. Will take some trial and error on your part but completely do able. Really is my preferred method of sharpening a razor except I use a 1k hone and go out to a 1 micron finish. However I have stopped and shaved at the 5 micron and 3 micron before. 5 micron was a acceptable shave but a little irritating for me and the 3 micron gave a fine shave.
First you need to set the bevel on the 2k stone correctly with out doing that the razor will never get sharp enough to shave with. Read up on that alot and have a game plan going in.
Next you will need to make two paddle strops or a two sided paddle strop for your paste. There are a ton of materials you can use for this. I used scrap wood and an old leather belt with a untreated leather back.
Once you made your strop make each side with the paste you are going to put on it and apply paste.
Now the 5 micron is roughly 4 k in grit and the 3 micron is roughly 8 k in grit. So after your bevel is set you start on the 5 micron and do a lot of strop strokes and I mean a lot.
Once you have the blade as sharp as you think your going to get it with 5 micron you move to the 3 micron and repeat.
Then shave.
Here is a thread with more details I did awhile back http://straightrazorpalace.com/strop...ugh-guide.html