You'll probably want to ask this over on the Straight Razor forum, as you'll get more attention there, most likely. However, to get you started, you should read through the honing section of the B&B ShaveWiki:
If it was rusty, there's pretty much zero chance that's it's usable in current form. It's going to need to be honed. It's difficult to answer the question of "how many passes along each side". In short the answer is "until it's done". That's where one of the key difficulties comes in - determining when you're done. If you're completely new to straight razor shaving and honing, it may be best to buy a shave ready straight razor first so you can understand what a shave ready razor feels like before embarking on honing cold turkey. I don't mean to discourage you. If you're intent on honing what you have first, you can certainly do so..it's just not the normal order of things, if your intent is to shave with it, and you're new at doing so. Definitely read through that wiki page to get a feel for the process. It can be pretty involved, and is a skill that needs to be learned. The equipment you have can certainly get you to a shave ready edge, but not as good as it could be with a nice finishing stone added on.
Last edited by jamesspo; 06-02-2012 at 09:34 PM.
James - 2011 R41 w/Ikon Handle, Feather, Arko (face lather), TGN Super Silvertip brush, Alum Block, Witch Hazel, Gillette Sun-Up AS
BOTOC - LOSER - SSB - ARKO - TOFLAC-U