That could become a good Bengall shaver. There doesn't appear to be too much hone wear on the spine and edge. Of course it will all depend on the depth of rust on the edge: if you can expose clean metal without any swiss cheese corrosion (AKA devil's spit) it should hone up beautifully. A dozen or so strokes on a 220 should make it clear what the story will be. You could use a 1000 but it'll take longer.

I have done a few of these and I generally start with wet and dry paper (220 -320) to clear the blade of loose corrosion. People who like shiny razors would dismount it from the scales at this point and do a full sequence of abrasive papers up to 1500-2000 or so and then buff with a compound until polished. I am not of this school and prefer a bit of patination but, as always, each to his own Good luck and let us have a look at the results.