I think it is a very attractive old school cue, a great combination of points and plastic swirl and woods.
The question is, how much would it cost to refinish the butt and two shafts, how well will it play afterward, and would you pay that much for a brand new cue with the same looks and qualities?
If you would buy a similar new cue for the price to refinish this one, then I would say refinish it, and enjoy the jealous looks from your fellow pool enthusiasts when you crank your handsome old school monster together and start hitting balls.
So maybe you get upside down on the dollar value, who's keeping score?
Gen an evaluation and price from a top-tier refinisher, and let his evaluation be your guide, not us guys on AZB who have no money on the line.