There are three things against this blade: cell rot, HEAVY rust everywhere on the blade, and the fact that it's a hollow ground. If it was a wedge there wouldn't be a risk of losing the blade geometry/removing too much metal to get rid of the rust. From the pictures that rust pitting looks so deep that there would probably not be much a razor left if restored.
The other issue is the desire to keep the original scales. Even if the metal was restored you'd still just have it eaten again by the scales.
+1 to the stabilization to keep it original and sentimental.