The picture shows a straight edge running from the eye to the cutting edge. I see no problem with how it is set now. Of more interest would be along the cutting edge, top to bottom, how flat or straight is this section? It should contact the straight edge at the center and see light at the ends.
The condition of the axe now is no way useable. If you are only collecting this would be fine. If it is intended to be put back into service it needs to be tuned up. A belt sander, stationary or hand held belt sander works well. A spray bottle and or a 5 gallon bucket of water to quench the head cool to the touch. It will get warm but should be cooled at that point. Use bare hands, no gloves, so you can feel the temp. Don't rush it take your time, a couple of hours of slow work will prove a job well done.
It appears to be a single bevel axe, as such the back should be flatish, within an inch or 2 of the cutting edge(from eye to blade), being careful not to round it over. Work the ends more to create the curvature needed. It would at this time also be possible to apply a radius to the cutting edge, one in which, if the cutting edge was placed against a table it would rock like a rocking chair. This could be slight or more, 1/4"-3/4"
