I remember reading Glen (gssixgun) once made a comment on a restoration thread about starting with polishing the blade.
At first I thought that was a bit exaggerated but really its the best advice for anyone.
After polishing take a magnifying glass (x15 or x20 works well) and study it. You will see chips, cracks, pitting, patina, active rust, dormant rust etc in a whole new light.
At this point it will be clear what you need to start with and the best approach.
Many times I have looked at a razor and thought one thing, but only after I started working on it that I realize what the best approach is.
Hope this helps.