I think so too. I cleaned the shell as best as I could - lots of spots where chrome was worn off and the brass showing through - but still looks nice. The black lacquered hoops were a mess too and I removed it and polished the metal hoop inlays. I put some wipe-on poly on them and they look very nice I think. I took the damaged calfhide off the hoops. The wood was damaged a little where they were nailed together....yes, nailed....not glued. The nails were broken, rusty and the hoops were coming undone. I removed the nails....some in pieces...and glued them. I will tuck calfhide onto them. I like to use original parts when I can.
About the lugs:
Until I find some L&H lugs I will use any that fit. I will try to use what's left of the original gut snares but I may have to add some strands to complete the setup.
I took these photos a few minutes ago showing the cleaned shell, hoops and flesh-hoops.
I think you should clean and polish it up as original. It's a cool looking old drum.