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A lot has to weigh in on the value.
Take photos and share of the rail fit and finish, how do the cushions feel? Soft/mushy/hard or hopefully they are firm but full of life like a 22 year old set of buns..
You'll want to look for missing hardware and run your hand over the cloth with pressure to see if you can feel any cracks in the slate... I'll bet you find the slate seams at 25 and 75 yard line have bumps from seam separation..
Don't let me scare you off but remember/have in mind you'll have to invest some money into the table if you want it to be a " players table "
Figure the price of removal and transport of table, 1,000-1,500 for rebuilt/new rails, $300 for cloth, the cost to have the table set up and slates leveled/prices are different by location and mechanic, $200 for a set of top self quality pool balls and a few other extras that will nickel and dime you... Time it's all said and done you could of purchased a new table or tournament used diamond for a few dollars more....
And for the record there is no straight across replacing the cushions with any profile cushion rubber available today unless you want a not so true playing table... The rails will need to be modified at the angle where the cushion adheres to the rail liner to maintain the proper nose height and nose height in relation to the back of the cushion rubber and at the same time keeping the playing field half as wide as it is long 50x100.
Rob.M