Nice heirloom. As such I would suggest buying a razor for a few bucks at an antique shop, flea market or even EBay to practice on, maybe even a few. Although it looks simple you will be surprised and what pops up. Also honing would be better left to someone that has done this a bunch it it is what you are going to learn to shave with.

The best option would be to send the razor to someone that offers razor restorations in the classified section. Look through the gallery to find examples of their work. You and your Dad will be please with their results. If it wasn't an heirloom I would say have at it yourself and enjoy learning.

Good luck in whatever path you take.