I try and take into consideration the whole razor, especially when I am restoring for someone else. So, if they want the etching preserved like I am doing now, then I remove active rust and then work on the etched area first. Then I look at the overall appearance of the razor and try to make the patina as uniform as possible. I also check the blade against the scales. If a bright shiny blade is going to look out of place with a pair of vintage bone scales, then I will also opt to leave more patina in place.

This is just my general method and not universal or absolute. I have a couple of old W & B blades that have no scales and I plan on taking them to bright and shiny, then making new horn scales.