There are people around who have fun “restoring” an old safe to a perfect state, i.e. flawless, polished surface. It requires a lot of skill and work, which can be admired, but I do not like the result. I do consider two types of restorations with some mix in between:
1) Cleaning and conserving it (which would probably include a lubrication of bolts and hinges)
1a) Additionally making it work if something is broken.
2) Restoring it to a state how it was when it was new or in usage (including the same flaws and imperfections)
In your case I would choose option 1a because there is quite a lot of old painting still there.
