Yes, it is fixable and can be an excellent shaver. It needs to be cleaned up to remove active rust and then it needs to be honed to eliminate the chip near the heel. After that it's just normal honing and smooth shaving!

The toe wear is common and was often done deliberately by barbers--same thing with the smile. Dubl Ducks were not made with smiling edges but it will shave just fine as long as the edge is not corroded or can be honed out. Are the scales okay?

Edit: Oh, and welcome to SRP! Is this your first razor?