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Really, dress it all smooth with an edge file or a gummy stone. Don't take off any more material than you need to though. That should prevent cracks and more chips down the line.
Rail damage? I agree with the first reply and add that if u can get whats called a panzer file itll take a lot less time to take all that material off. if its starting to expose core material (i cant tell from pic) you may want to consider replacing the edge all together. any shop worth its weight in salt should be able to do it for u or if yer handy sell u some raw edge materiel and u can replace it yer self.