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Id say stay away from the dremel too. The slightest mistake can damage the razor and you. If it catches the razor and slings it across the room of god forbid, bouce off a wall and back at you... you...

Looks like it might have a bit of hone ware on the spine. Depending on how it acts on the hone it might be fine. As you say, a first restore. Id start with 0000 stealwool and some wd40 to work on the...