I have a late 60's Aristocrat Slim Adjustable, and have been using it for over 20 years. I have to say that it's been the best razor I've ever had.
I'm a bit lazy when it comes to shaving though, I might only do a proper beard shaving once or twice a month between clipper trims, so blades tend to last me for years, as long as I'm quick to clean and dry everything right after I finish using it.
The plating on mine shows obvious wear from age, but it doesn't seem the least bit prone to rusting, even after all these years, so I wouldn't worry about the plating much, unless you just want it to look flashy again.
Pictures would be nice, to see what version/year range model you have..
But how else are you supposed to remove the warts and barnacles?