I once used to go and visit an OSMG. He had 3 sheds full of machine heads, and most of them were alligatored. He still wanted a mint for them ($60 for a rusty old 66, I needed a slide plate and some screws, but thought a parts machine would be good) and told me that he used to give them to people to put in their cars when they sent them to the crushers to up the weight.
I feel guilty putting machines and cabinets in the basement.
I have two machines here that have suffered some alligatoring. One is a 201, I "brushed" the broken shellac off, and it will likely go to someone as a workhorse. The other one is a 99 in a cabinet. It's been here over a month and I haven't gotten around to looking at how bad the damage is, but my impression is that it's not terrible. That one, I may do your shellac treatment on, the decals look good, and put it back in its cabinet, but not til I get around to repainting the featherweight. It's been disassembled for months and waiting patiently for me to deal with it. I think it should probably go first.
If I were to go tomorrow, at least DH wouldn't have a pile of FW parts to dispose of, he'd have (another) functional FW to re-home.