I know this is a stupid and probably asked 1000 times n00b question, but here it goes anyway.
My Mylar looks to me like it was put down OVER playfield damage. It also looks like inserts were replaced prior to being sanded. And it looks like the Mylar overlaps in many places and it results in the edge bubble look.
So I was just wondering if this Mylar was factory or aftermarket. I have not yet decided what I want to do with this pin yet but I can see a complete tear down and rebuild. It would be a true task to fix the graphics and would be fun. I don't think it is in all that bad of shape. Unless my neophyte eye sucks that bad. And that is entirely possible!
So here are some shots for your perusal. The last picture shows that the pin has ted's approval.