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Because it becomes to "squishy" and thus uneven in thickness on the spine. I know that sounds a little odd but trust me, I have tried it and that's been my result.

It will vary with the grind and proportions of the razor. Whatever you do more layers of tape will not help but rather will work against you. You now have a razor that can be returned to service....

3 layers of tape is the key. With that you should be ok. It is still a wide bevel but it can be honed.

Good! Now the next step is to get rid of that active rust on the blade before you do any more honing.

Because of the extreme hone wear. That amount of steel removed from the spine will make the angle of the blade so shallow that the bevel will be very wide and consequently very weak. Not to mention...

Just my $.02........

The first question to be answered is how badly is the edge rusted? If the rust goes all the way thru then you have some major edge repair to do. To answer that question use...