Pool/Billiard Table Restoration

G'day
I have inherited a 30+ year old billiard/pool table from my grandfather, it has sentimental value and family history. It is of solid timber construction with a slate top. The manufacturer has said that it was most likely coated in a nitro-cellulose lacquer.
I would like to bring it back to its former glory without removing all the "bumps and bruises" which give it character and memories of old times. It is not a top of the line table but it is very solid and well built.
The finish on the cushion timber is very ordinary, the legs are slightly better and the base is fairly good. See pics.

I am not after a quick fix. I am after something that is presentable and will be functional.

I do not want to do something that i will regret so i am after your ideas on what you would do?, what the experts would do?

Any ideas would be greatly appreciated.Attachment 304551 Attachment 304552 Attachment 304553 Attachment 304554