Thanks for the intelligent info!Hone it. DO NOT TAPE. The edge has rotted away a lot, and your bevel angle is very obtuse, so you need to get that spine thinner. Do not store a razor with gassing celluloid scales in a coffin. Leave it out where it can ventilate, and paint the inner face of the scales with epoxy. Try not to get any on the outer surface. You can slow down the rate of attack considerably. When you shut it up inside a coffin you are confining it and the corrosive gasses from the scales together. Bad thing.
You can make a shaver out of it. Or you can cast new scales in epoxy or a casting resin, and incorporate the jewelry in the new scales. Or make some good looking scales with the jewelry, and pin the old razor between some acrylic scales just so you can shave with it.
Don't bother with the pitting. Not worth it. Just keep the razor oiled and prevent rust taking a hold.
If you can't be bothered, cool, but you could PIF it to somebody who might make use of it or parts of it. Those bolsers are pretty cool.