I made the mistake of purchasing a pitted blade like the one you show at a antique stores. While I could hone it to a keen edge, the micropitting irritated my face to the point I could not shave with the blade. If you want to practice honing or if the scales are worth salvaging for use on another razor and the price is right, go for it, but do not expect it to ever be a good shaver.
I need to start trying to restore some of mine. They deserve better. And i need to learn to hone properly alsoI'm working on an old Wade and Butcher with similar corrosion issues. My first try at finding good steel failed. The edge seemed to crumble on the first shave. More time on the bevel setter to grind out damage and the second shave was stellar. If it holds up for a couple shaves, I'll restore it. If not, I'll try a couple more times before giving up. It may end up as a wrapping paper cutter this Christmas.
Buy razors in the best condition you can afford. Do not buy rusted, pitted cracked and chipped razors.
Reshape the heel and get the razor flat on the stone.