Wow... that razor was much loved and used in its day! To truly restore and "fix" it would leave it looking nothing like the original, particularly after straightening the edge, which would mean removing a lot of steel. I would just oil it and keep it as is. If it was an ebay special I might rise to the challenge of restoring, but it would be a LOT of work, and most folks would say it is not worth it for what you will get out of it. Yours is an heirloom and deserves an honored retirement.
Banned for Life from "Over There"... TWICE!