If you value your time I'd say Toast..

Step 1: Clean the game. Don't use to much Magic Eraser or novus. Might remove more of whats there.
Step 2: Fix areas where the PF is cracked, fix inserts that are raised.
Step 3: Put on some gloves go to a well ventilated place and clean it with Naptha.
Step 4: Spray it with some Clear Coat, I wouldn't drop to much money on this.. Clear in a Can do you good.

Preserve what you got. This PF will be a challenge / time sink .
Otherwise - replace it with a Repro.

Players game.. No problem with that. Don't piss people off trying to flip it as anything other.

Take out that rusty ball trough.. You can easily clean that with an Ultrasonic cleaner. ( I'd do it free in MO )
Or order a new one.. Probably available.

Once cleaned.. You could use some fine graded sandpaper or wire grinder brush.

Think there is a coating you can put on it that will keep it from rusting down the road..
Can't think of what its called but it's a clear enamel coating ..

PF looks better than some of the players games I've seen in recent years.