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Of course you can restore it, if you are willing to go to the trouble. These radios are considered good ones; when they work properly they indeed are fun to use. They generally don't have BFOs so you can't listen to SSB or CW but for foreign broadcast, WWV, and a few other purposes they are fine. More importantly, they are a piece of history and should be treated as such.
Too bad about the paint job; that will add some extra work. Also, many of those models included an antenna accessory called a WaveMagnet, with a connecting cable.
Running them from batteries isn't a good idea, since most of the batteries they used are no longer available, but they usually included a 110V power supply.
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