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The OP last posted on the forum in 2014, so that is likely a question that will never be answered...

A *great* place to start for anything to do with restoration is this thread:

http://straightrazorpalace.com/workshop/18504-welcome-workshop-how-do-i-where-do-i-what-do-i-answers-here.html

Whoa - please stop!!

Using a dremel can be an absolute disaster when working on razors!! Two reasons: heat can build up quickly and ruin the hardening of the blade, and you can very very easily...

+1 to Andrew's advice.

There are two separate questions here:

1) is it worth restoring? I'd say a resounding YES to that one. It's always hard to tell from pics, but it looks in reasonable...