I would trash the cabinet, clean up the treadle irons, and then put a new top on the irons. I'm just not into restoring wood. I don't mind the easy clean ups, but this looks like too much work for my liking. Oh, if you go with making a new top, make sure to make it a large enough surface area to hold a quilt nicely while quilting.
Only use sewing oil on the machine while cleaning this machine to protect the decals; otherwise the decals will turn green or come off.
The Davis NVF are wonderful machines for quilting! Just follow the cleaning tutorial that the Davis yahoo group has posted. Once cleaned up the machine will sew beautifully for you.
Congrats! The Davis machines are one of my favorites.