Nice 56, that surface rust should buff off with a little rubbing compound. Nobody modified that machine, the previous owner just put Pepsi stickers on it, and you can change those different selections to whatever you want. 
      The lock is a little time consuming to drill out but sponsors on this site have similar replacements for under $15.
I tried some rubbing compound on the side by hand.  Looks like it will work great.  Thanks for the tip!
I did some research on drilling out the lock.  I will give a try this weekend.  I had to drill out the lock on my pinball machine but that one was easy.