Hello Rockhound, glad to see you are alive and well and still into knives! You seemed really motivated a year ago when I saw your last post.
That blade could use some polishing, but since you don't have a grinder yet I can't recommend the Scotchbrite belts I love to use to get rust and other crap off old blades. Some judicious hand sanding might be in order. I would even try one of those dark green thin Scotchbrite pads and WD-40 and scrub lengthwise from ricasso to tip. Then just hand sand to remove most of the small pits and go to about 400 grit or so.
Then I would just check and make sure the shoulders are square, make a new guard (NS or stainless would look good), maybe a leather washer (black stained) with metal spacers handle and a polished NS or stainless pommel epoxied onto that threaded tang. Just my 2 cents. I was thinking along these lines
http://www.agrussell.com/black-beaut...p/RUhhhT523BF/
I think that would look great fixed up and you really don't need power tools. Please post pics if you decide to do it. Welcome back.
Tony Z
Kansas City, MO