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Rez brings up a great point on removing that rust. Hopefully no real deep issues into the metal but on appearance from your pictures it does not appear to be. But that is looking at a pic online of...

Could this razor be associated with J.R. Torrey of Worcester, MA?

Most definitely I would restore it. I would seek some guidance and do myself if you feel up to it. Looks like it would make a decent razor.......it is not in the worse condition I have seen. Good...

Not sure from your description but seems like I have seen mainly some Japanese razors with a designation of Barbers Razor or Standard and were used by barbers in business as a meat and potato razor...