Managed to bring home another fixerupper. B.J. Eyre & Co "Challenge"

I was at the local flea market today and found this guy. I was able to snag it for $20, mainly because it has a good bit of rust along the spine. The face and cutting edge of the blade are in pretty decent condition, but there is a little rust near the top as well. The scales are original and there is a small crack by one of the pins. It measures out to a hair below 6/8. Out of the handful of straights I have, this is bar far the heaviest.

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I would like to start restoring this, I don't have a drill press or a dremel however. I figure I will get some sand paper and get the active rust off as best I can so more damage isn't done. It's my first straight out of Sheffield so I'm rather excited =)