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Always take time sanding. Making sure to remove previous grit scratch marks. If you don't then when you polish they will rear their ugly head. Progress up grits until 2000 grit then metal polish...

Ok, it's kinda difficult for me to see exacyou if that is nasty nasty rust or alot of discoloration in a couple spots.
So first what I'd do is unpin the blade, then single edge razor to scrape the...

Well can you please share a picture of the razor? Might be easier to assess.
Alot can be done with wd40 and 0000 steel wool. Alot can be done with just mothers mag polish.
For rust take a single...