I have a fabulous (and not at all virtual) broad axe that I picked up at a flea market. $60 and the handle was intact. Upon cleaning it up and getting it sharpened it looked to me like the cutting edge was forged into the body, as there are 2 distinct colors where the 2 meet. There is a maker's mark barely visible, and after lots of elbow grease getting the sharp end sharp again it served me just fine for a project or two...
Pitting? Where? On or near the cutting edge? Or on the tool body? 3m Scotchbrite and some WD 40 works well for minor blemishes, or use the 3m pad and the slurry left over from water stone sharpening (usually just slurry from the fine stone...) - but if its near the working edge be careful not to distort the face...
Yes, traditional timber framers are quite safe. Just be sure to back up all your files on a regular basis.
