Manples, I just sold my Space Time - its a great machine. Yours looks in good shape.
There are plenty of threads on Pinside to help when it comes to cleaning, repairing, etc, and yes to this:
Mine cleaned up pretty good, plus this set of cheap paints from Michael's has colors that matched pretty close to the machine:
f07090b128523ca2600ba95b4a43c26fa6a25345 (resized).jpg
One more thing I remember with mine was that I had to completely disassemble the motor that drives the time tunnel. At first I thought I could get away with a cursory clean, but that thing has to run super smooth to avoid blown fuses. Once I gave it the cleaning it deserved, it ran beautifully.
Finally, its one of the few EM machines where the schematic is on IPDB:
http://www.ipdb.org/machine.cgi?id=2262
I got it printed at Staples for $6.
Great game to restore, and there's plenty of people here to help....