As far as I can tell, the edge is in good condition. I suggest sanding the surface of the blade smooth with very coarse sandpaper (wet'n'dry 40~80 grit), to remove the irregularities. When all the bumps and pits are out (or acceptable to your taste), move up in grit, something like 120, 180, 240, 400, 800, 1000 and metal polish. With those grits, I got my first restore pretty shiny with just a few spots left.
If you have a buffing wheel, you could read up in the Wiki on how to restore a blade with it safely and without ruining the temper.

Good luck!