Since I didn't get any offers from my other thread, I decided to try my hand at restoring this drum. I completely disassembled the drum and cleaned it up. The rust is gone*, the wrap has been re-glued, the lugs are oiled, and the rims have been straightened out (as much as I could).
If you have seen my other post where I tried to sell this drum, you will not believe the transformation it has made. Take a look at the before pics: http://www.vintagedrumforum.com/showthread.php?t=6646
The only thing NOT original on this drum are the heads, the strings holding the snare, and one of the bolts on the inside of the drum holding the snare adjustment lever. The snare itself and all other hardware is original (to the best of my knowledge, anyway).
As you can see from the photos, it looks like a different drum. I took it down to the local drum shop to get the heads tuned up (since I didn't want to mess that up) and the guy who helped me drooled over the drum. He said it has a "sweet sound" and if he had the money he'd buy it.
At any rate, take a look. If you're interested, I'm asking $400. This thing really looks like new now and does sound pretty amazing. I'll keep this offer open for 1 week before posting this on Craig's list and Ebay, just because a lot of the people here have been very helpful to me.
*Note: Most of what I thought was rust, turned out not to be rust but Coca-Cola or some other type of sticky splatter. While there was some surface rust on the rims, it has been removed pretty much without a trace. There was no rust at all on the lugs or the lug springs. They were mint.