I think that playfield looks great for that game. Clean it up, new rubber, wax and enjoy. Unless you plan on keeping the game long term, I wouldn't do much more than that. Any money you put into it beyond that, you are unlikely to get back. I see a lot of first time buyers dump a grand into a game, new legs, new backglass, new plastics, etc. and try and sell the game for a grand more than they paid. Then they get upset thinking they got ripped off when the game doesn't sell.

Step 1 - Buy Novus 2 and clean the living heck out of it. Then decide what to do next.

Be careful of reading HEP threads or restoration guides, they are great but unless you are planning to actually fully restore your game (which probably doesn't make sense monetarily on SBM) you will have an unrealistic idea of how much wear is acceptable on a game.

You do have some peeling mylar on your game, I would just trim away the parts that are sticking up and would affect the ball.

Remember these are 30+ year old games and some degree of wear is expected. Get the game cleaned up as best you can and see how it plays. Then go from there.

machine looks good
give it a good clean and an learn a bit along the way

If the game was mylared over wear you should be able to remove it easily with freeze spray method.

Use magic eraser to remove as much of the ball swirls as you can.

You could buy a playfield protector which would help with the cupped inserts and prevent future wear.