Suzi, there are those that will tell you "Yes, you'll destroy the value". But when you consider that this machine is not worth all that much to begin with (meaning it's not rare and worth thousands as it is), and the condition is less than pristine, "refinish/refurb" will actually raise the value, especially if you can keep it within the Wheeler and Wilson decal styles. Your machine did not actually have the fancier decals or company name on the bar when it was new.
All of that being said....it's YOUR machine and YOUR cabinet, and I think you should do WHAT EVER makes you happy with it!
