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Being relatively new to the craft (a little over two years now), I’ll try and structure the most fundamental tidbits of knowledge I’ve picked up for tool restoration something like this:
Gear Acquisition: This will be the phase of acquiring the tools or materials you need to begin working on your used tools. The most budget friendly for me has been sandpaper, window cleaner, and ate glass. If you think you’ll be restoring many tools in the future and are in the market for more expensive gear, I’d recommend a diamond stone. Either 300 or 400 grit on one side and the other side and the other 1000. You could use other grit sand paper to get an even finer edge if you so desire. Having honing compound (chromium dioxide) and a strip (this could be as simple as leather super glued to a block of wood) will help knock off butts and give you that final edge. These are just very basic starting tools for sharpening gear.