First, post some pics of the razor if you want accurate advice.
There are tons of threads on buffing look in the Library under restoration, or to the Advanced Search, (upper right hand corner of home page) search for Buffing, there are hundreds of threads. I always start with WD40 and 000 steel wool.
Hand sanding and buffing, I start at 600. You will trash the razor at 80 grit with a wheel.
A Harbor Freight buffer and some good wheel and compounds from Caswell Plating.com will get you started, they also have a good metal buffing primer.
Cheap buffer, good wheels, good compounds. Cheap wheels fall apart and do not cut and polish as well as good wheels, and they are not that much more pricy.