a little 0000 steel wool, WD40, and MAAS, and you'll be fine IMO. Get all the rust off. You'll be left with some patina, but that's about it. More difficult to get between the scales obviously. I'd unpin that razor at the hinge, and get it all off. But that's a bit more involved than you might want to do. I've jumped in to this hobby and don't let much scare me. Of course, I wouldn't purchase a razor that I don't think can't be brought back to shave ready, so restoration begins at purchase as others have mentioned.

Good luck, and have fun!