You can always try to give it a go and sand it yourself to see how the blade comes back. If it looks like a swiss cheese under the rust, no good!
I would say, take a 600 grit sandpaper, wear latex glove unless you don't mind having very dirty hands after! You should have an idea after 20 minutes!
Very positively definitely no.
That huge rusty spot on the blade for sure means weak steel, and given the hollow grind you will never get to fresh steel to work with.