It actually looks quite restorable - but that depends a lot on how you define restoration. I have gotten into restoration quite seriously and have learned a few things that might help you:

Begin with the end in mind. If you are going for a mirror finish, you will pay dearly in time and money in order to do it (I have done both and still can't get a mirror all the time). If you are looking to make the razor shave ready, attention paid to the rust, corrosion on the bevel or very close to the edge and good honing technique will suffice.

Don't go after those deep pits or "dings" in the razor. You will drive yourself crazy, go through $30 in sandpaper and end up with Carpal tunnel syndrome. To remove a pit you must remove all the metal around it to that level.

Examine the edge under magnification to see if there are any giant teeth waiting to rip your throat out.

So far I have invested about $2k in what my wife calls "my little obsession." You need to decide whether or not you want to travel that road or simply to make your razor shave. Either way, I wish you luck.