It wouldn't be worth it to ME. If you want a Jazz fest, you can usually find a nice one on ebay for around $300.00-$400.00 (always depends on the finish and condition, of course)
Restoration: I would charge myself about $50.00 an hour for my labor and it would be more than a few hours of work...plus the material involved. Therefore, it would be less expensive for me to just buy one! But, like I say...That's ME. If you like to do those kinds of restorations, then it might be seen more as "fun" and less like "work".
Re-gluing the re-ring is an EASY job -IF you have the clamps. you'll probably need several of them. If you have to buy them, they can be rather expensive. Of course, the bearing edges would need to be re-cut or at least touched up after the glue was dry. As far as the wrap: Torn wraps and recover jobs on old 3-ply shells bug me. That little bit of wrap that's left over and stuck between the plies bugs me. Although they might sound just fine and while they would certainly make a superior "first drum" for a new student or something....that little detail just....bugs me! :)