Nice pick up, and at a good price in my opnion.
Where I would start first is, unless you are 100% sure you want a restored machine, I would first start by giving the machine a GOOD CLEANING. You'll be surprised how well some of theses machines can actually clean up with some good ol elbow grease!!
THEN, if it's not up to your standards, think about the restore.... but at least give the ol dog a chance to live a natural life
Again, nice find.
ADDED NOTE: I reread your orignal post... didnt notice that its been repainted before.... in that case, STIP HER DOWN lol