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The cabinet doesn't look TOO bad-I would try Howard's restore-a-finish, or at least some old english oil wood treatment. That will fill in all those scratches. There looks to be some photofinish on some parts, so stripping the cabinet would dissolve that stuff.
Looks like a nice performing 40s radio-built in loop antenna, push pull output and rf amp. This is a pretty standard circuit for the time, but that was because it worked so well. I have a Zenith with similar features, and it can pick up WHO in Iowa on the internal loop antenna, as well as awesome shortwave reception.
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