Not having a bobbin case is much worse than cruddy finish. You could do some finish work and at least make the thing smooth. I had a machine that had been stored in a damp basement and the finish just came off in huge flakes. I could have sanded it but I chose to just smooth it and spray on some shellac. You can scrape and sand it off then clear coat it. The machine is a really good machine and even though ugly it will sew like nobody's business. It might well be the best machine you ever run across if you make friends with it. When I scraped off the finish on mine it left huge pits. I chose not to sand it. I sprayed on shellac but it didn't fell smooth until after I French Polished it. It is still very ugly.
http://www.quiltingboard.com/vintage...rly-beat-death
Eta
Before I scraped that one I would just try to French Polish it. Look up Glenn's refinishing tutorial and ask him what he thinks.