It looks to need a complete refinish. I've done a lot of 30's radios that were lacquer finishes. Ace hardware has a product called Furniture Refinisher that melts the lacquer without sucking all the color out of the wood. I use Mohawk toning lacquer mostly the Perfect Brown to get the color I want(the more coats the darker) here's one that I did that way.
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Martin Logan Motion LX16's & B&M 704's
ML Dynamo 300 sub
Outlaw RR2160
Empire 298 TT W/Denon 103 cart
Marantz CD6006, Pioneer DV-588 SACD
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