lot of work in front of you, take your time, pictures and make sure you don't forget anything.

your playfield is pretty ruff but you can do it.
i did a playboy myself (thread here on pinside) but was fortunate to get a cpr, what i did with the old one was an overlay for a friend, turns out pretty good.
i also have a spare decal for the middle section of the playfield and other areas.

if you clear the playfield when you are done, you gonna have to re-work that roll over star insert with a small file so you roll over star fit in it.

good luck with the resto, keep us posted.

this is what i did for the lockdown bar.

started with, 100, 180, 280, 320, 400, 600 at this point it's pretty smooth, 800, 1200 with water, 1500 with water. this is very important exactly in that order. always in the same direction!
and after that, polishing pad, high speed drill but be carefull not to over heat the area, you'll know when to stop.

so i did that for the lockdown bar.
for the Lockdown Bar Receiver Assembly i used the following but didn't went crazy with the sand paper and came out nice.

934.jpg wire-brushes-300x300.jpg circular-abrasive-nylon-brush-for-clea.jpg

kudos to you for doing this and i know it's not an easy task, i do understand by doing it yourself is more satisfying but i'm wondering why not use this?

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playboy decal.JPG

fair enough, i see what you mean.
you look like someone who won't give up, i'm pretty sure you'll get there.