Hiya,
I'm familiar with that Senator/Sheraton type. It's one of the few open comb types in my rotation, and I used my Sheraton again just last week. As you probably know, the Sheraton is the same razor plated in the gold color.
Now keep in mind my opinions may not be the same as your experiences might end up being, but I do have a pretty good handle on various Gillette OC razors.
Believe it or not, the Senator is one of the milder open combs I've tried. The TTO head design gives it a different feel from most other open combs, and it's one I can use pretty comfortably. Many other OC types are waaay too aggressive for me to use at all, no matter how purty lookin they are. A few other types are about as mild or milder, but not many.
The Senator/Sheraton feels like about the 6 setting on my fatboy. It's a little higher than I like, but will use the razor because the overall shave experience makes up for that one flaw. Nice for a change of pace.
Definitely try a milder blade or two and see what happens. It may very well help to temper things a bit, but the razor is still gonna be one you have to pay attention to when shaving.
Replating em is a toss up. It's hard to say if it's worth doing that or buying another one in great shape. I don't see em for sale very often, but I don't believe they're extremely expensive. Of course if you love the thing then replating might make sense, but otherwise it's your call.
Hope that helps,
Martin
Here's a pic of the Sheraton