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That's actually pretty decent condition for a radio of that era. It may look bad, but it's mostly just looks.
There's a lot of dirt, but the wood is in good shape. Scrub it down and hit it with some Howard's, and you should be good to go. The rust on the chassis seems mostly superficial, and as for the wiring, a lot of it still seems reasonably intact, so you're better off than you would be if it were the '30s rubber-covered stuff. And perhaps most importantly, it doesn't look like anybody has screwed with it too much... I see a few repairs, but not the decades' worth of hack-jobs that you'd usually find.
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