Great grandpa's butcher knife.....need advice on restoration

I just recieved this knife from my father. Had no idea it existed until yesterday. Apparently, my great grandfather used this knife in his butcher shop. I want to use this knife occasionally and need advice on how I should clean it up or restore it. It does have a little bit of minor surface rust on one side.

What would you do?

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Take some 4O steel wool and clean off the rust,put a good edge on it and use.

stan

Is there a corresponding grit finish that 0000 equates to? Sorry to intrude, but I've had this question on the Bain snd keep forgetting to ask. Thanks
 
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