Came across this thread, and, as a guy who repaints LIONEL trains for a living for over 42 years, if you sent this set to me for a full restoration job, I would definitely try to talk you out of it! Yes, as most on this thread have stated, and I agree - it's just WAY too nice to strip and repaint. Unusual for Pre-War- especially silver items!
The lettering is still sharp and crisp, and other than a few scratches - which I would live with - the silver is quite beautiful! Most M10000 sets we get in here to restore are downright awful - but your set is a real find!
Glad to hear restoring is off the table. Yes, get it running, and operational - but leave the original paint intact! My own personal yardstick for "restore or not to restore" is this: - with any new item I add to my own personal collection, I will clean it and put it on my display shelf for a week. If the condition doesn't bother me after that time - it gets left alone! However, if there are too many scratches and chips for me to "live with" - it gets pulled off the shelf, dunked in the stripping solution and gets a brand new paint job!
Happy Thanksgiving to all,
Len Carparelli