Welcome. As a restorer ans straight shaver i feel (at least for me) this would have been a little ambitious for a first project. But since you have it in hand you may want to take some 400 grit sand paper to it untill all the active rust is gone. Once you see bare metal on the edge take a good look at it. Does the pitting go so deep you will never be able to set a smooth bevel? Once you figure that out go to 600 grit sand paper, 1000 grit and then finally 1500. I usually go to 2000 then 3000 but this may be over kill for you. Polish with mothers or other metal polish then send it out to get honed.

option #2- buy something shave ready from classifieds.

I would like to see that blade cleaned up...... Do it!