Unkown Manufacturer: European Singer 12 Clone

My first fiddle base machine.

I answered the CL ad featuring a sad-looking machine with the 'Make me an offer' price.  He responded promptly saying he needed money for moving and groceries, adding someone had made an offer.  I made mine and he responded excitedly.  (I hoped I wasn't low-balling him.  I guess I wasn't.)

The day was one of the rainiest in memory and he took me to the back of a rental house.  He climbed over the fence (the locks had been changed) and from a pile of hammers, pliers, and other tools, produced this machine:

I bought this machine for the purpose of completely refurbishing it.  This would include stripping, sanding, filling, sanding, priming, sanding, painting, sanding...custom-making or contracting an appropriate set of decals, etc.  It's a lot of work but I've seen examples of such machines and they're stunning. 

However, some friends of mine (especially the good folks at quiltingboard) are encouraging me not to do so.  It's an unknown manufacturer, probably of German, Swiss, or Austrian origin, the design being based upon the Singer 12.  The hand wheel design is somewhat unusual and I admit that even with all the paint loss, the machine has a bit of charm. 

What do you think -- completely refurbish or leave as-is and just get it working properly?