Dug, welcome to Oldgas. Good to see another "Wet Side Collector" on Oldgas!
You have received a lot of excellent advise and everyone has been polite.... You've hit the "Jackpot".... LOL
As db has said, If the pump were mine... I would clean it up some; but leave a "restoration" to another pump.... This one has "Family memories and history" that can't be duplicated....
No matter what you decide, We all hope you will share photos of it once you have it looking the way you want..... ( we all like photos, so if you take photos as you progress with the direction you are going... We will enjoy seeing them also)