First, I'd take a chisel and knock off those pegs. Fill it with either a dowel or wood putty. Sarah Richardson, the designer always takes pieces like this and sends them off to a place that professionally spray paints them...I actually think it might be an automotive paint place. I think a professional coat of hard surface off-white with some kind of contemporary pull might be pleasing and so much less trouble than you having to strip and sand and paint and finish...ugh. And, if not off-white then some other color you like that would basically be very hard wearing and professionally done.