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Seems you cleaned all the rust out of it . Maybe it's not so deep :gl:

Can be a problem but you my be lucky too. See how it shapes up.

Well, it's in a really bad spot to have pitting ie the edge, so only honing will reveal the answer. Really should try setting a bevel before any restoring so as to assess the edge

Be careful with the grinder. They're a thin blade.
I'm kinda concerned about that shiny spot in the middle of the edge. Pitting ?

Pretty much but how much depends on the blade thickness too.

This was mine

http://straightrazorpalace.com/custom-builts-restorations/26628-black-demon-5-8-figured-kauri.html

I have owned one of these. I think you may be impressed with the shave;)