That's a fine first razor. 1891 or earlier?

Scales are rough, but still have life in them if you get creative.

BUT! I would REALLY recommend sticking to the hand sanding and skipping the buffing machine. Practice buffing on a JUNK blade before trying your hand on a nice old razor like this one.
I think you will be really surprised and pleased at how well this one is going to turn out with the basic hand powered restoration.