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http://straightrazorpalace.com/advanced-honing-topics/43104-correcting-heels.html
This is a pretty good place to start.

That's the way. Second verse same as the first, but with a better razor and you will be on your way. Same the one for practice reshaping the heel.

So many people make the mistake of thinning that the dark black splotches are patina. It is rust, and as the rust gets removed it exposed all of those pits, just like the ones on your blade. One of...

Start high and go low when you need too. I never drop below 400, the scratches are just too hard to get out. I back my sandpaper with a cork to keep it flat. I use WD-40 to make it smoother.

I have often found razors like those to be particularly valuable for learning experience. They are all pretty much done as far as functioning razor go, but you can always use them to find out what...