I can read it by treating it like a cipher and going letter-by-letter with help of the table in the article. The text is straightforward German, so once I memorized some basic shapes, it wasn't that hard.

Could I make any useful guesses on the letters based on modern handwriting? Not at all. Many shapes are completely different, e.g. I knew about the long s, but never saw an e that looks like n or a B that looks like L before.