Aslong as the pits aren't on the edge, it should still be perfectly functional.
if there are, it might have to be rehoned if it compromised the cutting edge, and will still be a great razor afterwards

as for the cosmetic pitting, you have 3 options.
first one is to try buffing it and see if it looks acceptable to you, second would be to sand them out and then polishing it, third would be to live with them.
avoid powertools, you can and will do far more damage with those than one might think.

if you decide to sand it, have a look at this page:
Hand sanding a blade - Straight Razor Place Wiki

it WILL need to be rehoned after you sand or polish the blade.