That rust at the pivot really does need to be unpinned and all the rust completely removed.

With a single edge razorblade you can cut or scrape a lot of the rust off, then brush on some Evaporust or something similar and try to stop further rusting then sand with some Wet & Dry 600/400. It depends on how deep the rust goes. Unpinning is the only way to get it all.
Some 600 and 1k Wet & Dry will sand the bone scales smooth and make them shine.

Metal polish on a paper towel wrapped around a wood coffee stir stick will clean between the scales.

The blade does look good and should hone up nice. It is a nice razor but may not be one worth investing in a high dollar restoration.

Right now in the classifieds there are some very nice razors for well under what you will pay to get that one restored. Wolfpack34 has a gorgeous Robeson that is a great razor and will come with a great shave ready edge on it, at a great price.

That, would be a great razor to learn to shave on.