I'd paint it.

Repaint!
I understand the "leave it as it is, it's a piece of history" crowd, but past a certain point the satisfaction of a nice clean well painted cabinet defeats it.
Try to do it right by all means, and don't underestimate the work and time that goes into it, but if you're ready to invest the time, do it!

I’d repaint, using rigid stencils so it looks original together with any webbing/speckles from the original paint job.

Depending on how much time you want to invest, I know it's not going to have the exact overspray look, but I do think getting the Pinball Pimp stencils is worth the money.

To me, it all depends on your painting skills. If you are good at it, repaint, no question. If you are running down to Home Depot for budget brushes and a gallon of flat white ceiling paint, leave it alone.

I’ve seen some amazing reprints. And they can be awesome. I’ve also seen someone grab a brush more appropriate of painting a house, and it looks horrible. So if you’re going to do it right, do it.

It only takes about 2 minutes to spray the original webbing effect. Read up on how to do it (there are many posts about it), and practice a little....then do it. I think a repaint without it is very amateur, not to mention it just doesn't look as good without it.

If you are dedicated and going all in, repaint it. The cabinet is one of those things that simply doesn’t withstand the test of time. They were cheap, quick paint jobs and they take a lot of abuse. A solid cabinet with a quality repaint is worth far more than an “original cabinet” that’s showing age and wobbles.

Even as a bit of a purist, I think that modern cabinet techniques really increase the value of a machine and add to its reliability. Most of the money went into design and the playfields, the entire purpose and existence of the game is justified by the mechanics of the playfield. The cabinet is the first and easiest way they cut costs, so it’s the best place to add quality to your machine.

I would never use a vinyl stencil on this era of machine myself. Instead, I get laser-cut MDF stencils made, based on vectorized art I create from a scan.

Hopefully once corona is over I can get them done for free again at my local library.

That does sound like a pretty good way to go.
The library laser cuts MDF?

Mine has two high-end laser cutters in its "Makerspace" that you can sign up to use for free. Good deal

They have an Epilog Helix and an Epilog Mini.

Due to covid I had to use a laser cutting service which was pricey but still doable. Can't be beat for cutting curves perfectly.

Wow that's awesome. I wish we had a makerspace here. I can sorta see the link between a library that lets you borrow books and also machinery - a bit of a stretch but good on them!

Hell, it's half disassembled already, it's almost ASKING to be re-painted -

This ^^