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Just another thing to think about I would get a shave ready blade and learn to shave with that first before diving to far into honing.

http://straightrazorpalace.com/srpwiki/index.php/Pyramid_honing_guide

Here check out the part where he talks about lapping

I have seen the 1/8th of an inch before and actually think it was in something Lynn wrote in the wiki.

First on the hone a pic of what you are talking about will help. The Morton's are pretty easy to lap but it still takes a bit of time the first time.

Unfortunately that razor won't take a shaving...