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Otto Fromm 50 Redhead Help

A friend of mine sold this to me for $20. He picked it up 20 or so years ago in Germany and tried it once and scared himself. There is some pitting, corrosion, and the edge is a bit rough. (see pics) I'm looking for some help.

1. Was this a good deal for $20?
2. Appx. age? I read in another forum that Redheads with the red badge may be a bit older.
3. I would like to get this cleaned up and sharpened. Any restoration recommendations?

Thanks in advance!
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The pitting near the edge is the main concern. You will lose whatever amount of edge is needed to get rid of pits there. It looks quite doable though. It should clean up nicely, with some defects in the finish. Prices aren't discussed though as far as what somethinbgs worth.
 
Looks great to me, some 600 sandpaper will take care of the tail, it will take just a little work and time. I’d then sand it up to at least 1500 up to 2500 or 3000 before polishing with mother’s Mag and aluminum polish, Flitz, or Maas. The other minor spots can either just be polished out or you can start with 1000-1500 and work your way up. Definitely send it off to be honed by Doc226, his edges are awesome!

Awesome deal you made!!!
 
Your going to love that razor as they give a fantastic shave, and that one looks in very good condition for sure.
Here is a picture of mine

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