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In the hands of an expert a flap wheel may have some use.
Am no expert so My prefferance is to do what few razors I work on all by hand over alot of time.
As far as sharp edges you have the edges...

Great stuff Glen,you know your stuff for sure without question.I think some people get a little over the top between the fine line of preservation and restoration, two differant animals,two entirely...

And you will also destroy in the process all the sharp edges with flap wheels.
These razors were pricision ground with surface grinders (the flats)
Is best done by hand IMO.

Keep using 80 grit untill the pits are gone and you will end up with a pce of junk.
Why people try to restore rusted out blades is beyond me.