I haven't had a lot of time to work on this razor, just a little here and there. I've also been unable to find high grit wet dry sandpaper, which surprised me. So in the end, I took off a lot of the loose rust with 120 grit, then cleaned it up with 400 and 600, went to steel wool, then used some metal polish. You can't really see the detail in these photos, but there are scratch marks due to the low grit sandpaper, but it's not too bad overall. I'll have to order some high grit sandpaper online, I guess.
All in all, I'm super happy with how this turned out. There are still marks from corrosion, but mostly on the tang. The blade cleaned up quite nicely, and it was easy to hone out the chips due to rust on the edge. I hope to try and hone it up soon. I think this may have been the best $20 I've ever spent!
Attachment 291975
Attachment 291976