Truly a labor of love if you decide to tackle it. The unfortunate reality is you might have more in materials invested by the time you buy the stripper, etc. than it will be worth when you're done. I also see peeling veneer under the paint on the top of the cabinet. It can be fixed but adds to the complexity of the job.
The plusses are it's one of Singer's more ornate designs and there's some beautiful oak hiding under the paint. It can be spectacular once it's brought back. I won't say it's not worth doing, just be aware of what you're getting into before you start. If you've had the urge to have a custom painted machine that one is a good candidate.
Rodney