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I dumb. Forgot to consult the stickies after not finding much help with the search function.

Thank you all for the replies!

Reassuring stories, really! But uh...

"Now, since I got the intro out of the way, what steps do I need to take to get this blade looking better? What should be done with the rust?"

Do I need to...

Cool! Yeah I just picked up an old 'Master Hone' off ebay to practice on.
On my computer, there is a HUGE imageshack thing showing up ontop of my post. I apologize if anyone else sees it.

Today with my luck, I stumbled into an antique store and while I was leaving I saw a box for a straight razor. Low and behold, this straight in OK (at best) condition came out with the word 'Valor'...