what would it take to recondition this

so, this is what I figure I can do.

Pull out the amp
clean it up with damp cloth
replace all the wires (as they are crumbling)
replace the driver (I'll kneed suggestions for this.)
power it up with a variac (I have no idea what a variac is, or where to find one)
see if it works

then I'll refinish the cabinet.

sound good?

or, am I nuts for even trying this?

BILL