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It is a great combo. That’s what I run in the gun safes. Emitter on the top and desiccant pouches on the bottom. In the safe I have emitters even though most of the stuff in there is wrapped in VCI paper. It is crazy cheap and as far as I can see it works well.
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Does the VCI paper need to be in contact with the steel, or would close proximity be sufficient?
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I believe the paper works by emitting so close proximity should work but I don’t think it has much range. So if your razor was laying on the paper as opposed to wrapped in it it will still have some protection. I believe a lot of auto parts get wrapped in it.
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I have kept many of my razors open in a book shelf for years, both in a relatively moist area where I lived before and now in a dry climate. That seems to work fine (except that I don't have a good way to pack them all up) and I have never had any rust develop while not in use. I think that the proximity to books helps, because the paper absorbs some moisture. Some of my other razors are in a drawer, also close to some books, and again there's zero rust.