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I know nothing about restoration, but reading all these posts I wonder if all this isn't overkill... I mean... sanding will, eventualy minimize the pitting and, despite the scaring, the blade can...

I never did any restoration work, myself but, if I were in your shoes this what I'd do: I'd seriously consider restoring it. It would take time, of course, but I'd go for it. It was a gift and Wade...