As a friend of mine used to say - 'words are weapons, choose them carefully'.
And what one person sees as an effort worth doing another does not. Good thing we don't all think exactly alike, I would see it as pretty boring.
I bought a 1945 Heavy 10 'War Baby' in similar condition to the OP. Not much usage at all but had been 'preserved' once with heavy lathering of grease/cosmoline then later stored in a school bus garage for 40 years or so. About as filthy as anything I have ever tackled. but under the grunge even the original decal on the apron top was somewhat readable. Not my first rodeo, but I tore it down to every piece that could come apart, totally clean, replace all felts then reassemble and adjust everything. Definitely not a rebuild but what I classify as a refurbishment. In this case I even painted it just because I wanted to. So now I have what is to me a decent lathe for home use - and that I have been using to teach my grandson how to use as he is interested. I figured it needed the total bath just to keep the crud from wearing the soft bed, etc.
Was worth it to me - even posted on here what it looked like before and after. Your mileage might vary and I might be nuts. But the lathe ran pretty nice Saturday when I needed to do a little work with it.
Have fun.
Dale