IMO the sole value of that razor is contained in the makers mark on the tang.
Removing the rust and the dull, bitten into blue/grey areas is going to take an awful lot of work and will probably remove the makers mark.
That would imply a less invasive approach, less grinding, leaving it more as-is, which is always a good thing with historic oldies, but then you have the crack In th heal. That needs a pretty invasive approach, so you may as well forget about a 'sympathetic' restore.
Me - I wouldn't even pay pocket money for it. Far too much work required that will seldom, if ever, be recouped. If you are doing it for yourself thats no issue, though.
It's what I would term a Judgement Day razor. It's time will come, but not until the Archangel Gabriel blows his trumpet, the ground splits asunder, and the dead rise up and walk the earth again...
Regards,
Neil