Quoted from o-din:
I've looked at mine and I wouldn't metal sleeve it. The slightly beat up wood look is much better.
I would have to agree.
You would be making it look even worse, not to mention doing away with its originality.
I think if anything, I mean if you couldn't 'live' with it as it is... the best way for someone who had the talent and knew what material to use, would be just to fill in the worn area (from the key line around the hole back) and then restore the little amount of paint missing over this patch, which looks to be primarily the red.
You ought to see my Zig Zag holes, looks like the worn area on your kick-out hole... except all the way around 'every' kick-out hole on the playfield. Seems like certain games, like Kings & Queens or Sing Along for instance... it's hard to get away from.
Incidentally, you still get 'some' wear on the sharp edges of the holes after awhile, even 'with' those metal ring hole protectors from Steve Young.