I'm a FIRM believer in starting High and working low to see what you have! Those that start Low tend to end up destroying the heart and soul of a razor. Here's an example of what I mean by starting High.
I'd scuffed the blade with some 1K grit W&D sandpaper then worked lower and then back up to 2K then Mothers Mag Wheel Polish the scales were cleaned up with Bumper Black and 3M Hard Plastic Polish.
http://straightrazorpalace.com/custo...n-cleanup.html
While the etching does look deep there is no need to erase anymore than need be to clean up the blade to your specs :tu
Personally, I'd start with the Mothers and see what you have. Remember, you can always go lower but IF you go TOO LOW then you have to work much harder to remove the heavy scratches :shrug:
I hope this helps.