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Actually, I tend to go backwards in my hand sanding.

Start with nothing more course than 600 grit to get the top rust off. You truly can not assess the situation until you have it clean. ...

That all depends on what Level of restoration they are attempting. To make it pristine yes, a lot of work. To bring to a state of clean, good looking and useable? Not hard at all. (imho)

That's a fine first razor. 1891 or earlier?

Scales are rough, but still have life in them if you get creative.

BUT! I would REALLY recommend sticking to the hand sanding and skipping...