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If you start exactly as you said, and use a Marker to color the edge it will really give you an idea of where the bevel is at with just a few laps

Unless you are an experienced honer and can...

Ok

No, not a "True Wedge" you can tell from the grind line at the heel :) or by putting the razor down on a flat surface and looking under there..

Many of these older razors are pretty hone...

The way you worded that question really makes me want a pic of this razor :) a true wedge is very very very rare...