That one is borderline. I would have to see it in my hand to determine if I wanted to do it or not. Some are just too far gone. I did a 1936 S/42 that was pretty bad and I was happy with the end result when I got done with it but I was really ready to ship it back to the owner, man were my fingies tired. Here are some close ups of that one. Unforturnately, I did not take after pictures.
http://members.rennlist.org/lugerman/Bad1R.JPG
http://members.rennlist.org/lugerman/Bad2R.JPG
http://members.rennlist.org/lugerman/Bad3R.JPG
http://members.rennlist.org/lugerman/Bad4R.JPG
Gale Morgan could do it but is it worth the time and effort? On a rare variation, probably.
Work like this usually makes the help grumpy too!
http://members.rennlist.org/lugerman/DwarfMrGrumpy.bmp