The hoops are past it I'm afraid. Also one of the inlays is gone too, there is about 20% if it missing all together, but the other one should be salvageable. The thing that concerns me most is some damage to the wrap on the bass drum, I've put in a few pics to show everyone. What is the best way to attack this? Would a repair be possible? It's going to be the worst part of the whole restoration process, no doubt. I love your kit too Fayray, it's sweet. There's one on eBay at the moment very similar only in gold oyster. It's a 5 hour drive to pick it up but I'm thinking about it. ha ha...
Carefully lift the edge of the wrap and glue it down. I have no problem doing this to keep it from getting worse. You can't make it whole again, you can only stop it from getting worse. As for the hoops, keep the inlay and use it anyway. You can just turn that side down.
Party
I agree with Eric here, I replace my chrome ones with woodies as they tend to sound better. The chrome seems a but ringy to my ears.
I tend to use epoxy, but many people here blast me for it...eh, not their gear, it's all mine, so I use it where I find it needed. I had some spots on this kit where the wrap was cracked, so I just epoxied it in place. Not at all noticable.
I know they are backwards, but this is a photo op, not a playing set-up.