If the damage is cosmetic, nothing inside warped from heat or the like, then it might be worth it to you. I'd probably take it on if it was mechanically sound just because I like to rescue the saddest machines.
You may have to tear it down to get it really clean (perhaps with kerosene for the mechanics). Try some Bar Keepers Friend on the chrome bits. I'd definitely pull apart the motor and clean up inside there and probably have it re-wired to be on the safe side. Sounds like a candidate for a cool repaint too! It really depends on how much work you want to put into it.
Would love to see some pics if you decide to take it on!