if you're feeling sporty, you could unpin it, and do a hand sanding of the blade to clean it up. or you could leave it pinned and sand it up, or.... maybe just 00 steel wool it to knock off the big stuff, and leave most of the patina.
I looked a bit closer and you have some active rust on the tail, and at least a serious hone job to clean and clear the rust on the back side edge. front side too a bit. not a bad candidate for a first restore, take your time and if that edge cleans out, you'll have a good razor still. it's seen some use, but it's got a couple lifetimes left in it if you can get to clean steel on the edge. it looks big enough to hone into good steel. and you get some experience.
That will clean up nicely. I'd be very gentle in terms of the etchings on the blade. I'd use metal polish to remove the grit and some of the patina. 0000 steel wool and the same metal polish would be used if the first polishing pass didn't do the trick. The scales should clean up easily. Toothpaste first then a rubdown with a very light abrasive polish if you want to get more shine out of the scales. Clean her up but let the blade show its maturity. Pits, once clean out, just give the blade some extra character.
George W. made fine razors. Hope you enjoy this one.
As said, clean it up a little. Than see if you can get good steel on the edge. If do, than do the work of bringing it back to use. If you font get good steel than just a good polishing to make it look nicer and put on the wall. Don't waist too much time on it unless you know it will hold an edge.