This should remove the rust while maintaining the etching.
Whether or not it really will depends on the steel.
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I never even heard of the stuff prior to joining this forum. There are numerous threads about why you should never use naval jelly on a razor.
NAVAL JELLY Rust Remover - Straight Razor Place Forums
http://straightrazorpalace.com/works...or-killer.html
I posted my 'civil war' era razor on another thread, and quickly decided I'm saving it as is...with some mild cleanup and oiling...but the etch there is much more visable, I think with yours you can save it with the oven and linseed method mentioned above if this is for use, go ahead lose that engraving...
Somewhere out there are other similar razors that are being preserved..
So don't feel too badly cleaning it.
Just my two cents..
I always try to preserve etchings, stamps etc. Sometimes some light sanding & polishing will achieve that but in the end its all a compromise on what makes you feel good about the razor.
Unfortunately, authenticity isn't always bright & shiny.