The engraving looks fairly nicely done (a little crude), and I don't think I understand why anyone would have a problem with it. After market engraving and decoration of blades is quite traditional.
The blade does look old, and it also may have always been a practice sword; sharpening it might be more a conversion than a restoration, but don't let that stop you
The hand guard does not look old. It looks to have been arc/torch-welded up from thickish sheet steel cutouts, and some bar for the annoes.