If he's up gor tackling it I think he can get away with MAAS and no adrasives, and sent it to be honed to have that shave ready benchmark.
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Welcome to the group. I support sending that razor out to be buffed and honed by one of the pros who do that work. You can find names listed. While you are doing that get one or two shave ready razors from the classified ads also on this site. You'll need a brush, soap and a strop
I'd urge you to get the strop first and practice with a butter knife. Do this 4 or 5 times a day. IMHO it will take at least a month for you to learn how to properly use that strop. You have the basics. Have fun with this new hobby. BTW I wish I had my Grandpa's razor. That's cool.
Welcome to the forum
Hi and welcome. An heirloom is definitely worth the effort. Looks in good condition any how
Welcome from nearby Chicago.
Welcome to SRP!
That razor looks like it should clean up well, but like others have said, leave it to a pro. You don't want to mess up an hairloom. I'd also look into getting something else for regular use to avoid excess wear and tear.