grayhare,
Is that case from a Kenmore, or a White? The hinges look like those types.
I would say it was originally covered but most likely not with the vinyl or leatherette. Most were covered with cloth, paper, or the straw cloth like the Singers.
You could sand it, fill in all the divots and blemishes then stain and finish it. It would probably look pretty decent since it's made from real wood rather than plywood or masonite.
Joe