I'm not sure about what that etch would hold up against. I'm personally on my first restore, and not finished yet.
IIRC, .5 micron is much more fine than 2k grit (possibly around 30k grit equivalent?). So yea, that won't do very much, very fast. The 0000 grade steel wool is the really fine stuff, not what you scrub dishes with. I doubt a light scrubbing, enough to remove the Evapo-Rust residue, would bother the etch a great deal if you used the steel wool. And the lapping film you have will polish off any scratches that it makes (assuming I'm correct about it's grit).
But again, I'm new to restoration as well. So please defer to others advice regarding the etching.
Added:I'd hate for someone to ruin a razor because of my lack of experience & resulting advice. I try to only chime in on things I'm confident about conveying accurately.