After being completely taken apart, cleaned and polished down to the last washer, and reassembled.
I wish the hardware was in better condition, but it cleaned up pretty well in the end, so I'm pretty happy. And it didn't need a single part - all I did was give it a really good cleaning. As far as I can tell, every part is 100% original from when the kit was new. (Not shown are the Speed Master bass pedal and the flat bass snare stand, still in the process of being cleaned up.)
The only thing that won't be original when I'm done is the cymbal L-arm, which is on the way, and the leather strap on the pedal.
Scott