I have a K7 kitchen knife that I "lost" for a while and when I recovered it, half the teeth were corroded really bad. Instead of trying to regrind the teeth or grinding the edge smooth, I worked on it with a green scrubbie pad to get all the rust off. I then took it to the benchstone as is (was) and sharpened it using the same strokes I use for a plain edge knife.
The result was an edge that was jagged and ugly as could be with many little flat spots. However the flat spots were razor sharp. I find that the combination of the razor-sharp flat spots and the tearing effect of the jagged voids make for darned good cutting performance! Even when I use it enough that the flat spots dull, I barely notice any decrease in cutting performance.
If you're brave enough to try it, I'd recommend you sharpen it on a benchstone just like you would a plain edge blade. It will change the way your blade cuts (i.e. the serration peaks rather than the voids will do most of the cutting) and it will probably make the blade ugly, but I think it will perform just like a serrated blade should.
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Danny
aka "kuma575"