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Basic starting point would be to rub it with polishing paste such as Mother's, then decide if you want to get into a lot of sanding. Better done with the scales off. An imperfect finish is part of...

I'm with you on the tung oil, I think a basic belt/wheel grinder might be more versatile than a spindle sander.
Straight Razor Restoration: Start to Finish (Part 8) - YouTube

You should watch...