Wow, great find! Too bad it's in such bad shape. But, if anybody can bring it back to life, you can!

I would say that compressor is for a refrigerator such as a grocery store case or small walk in. Colored bulbs were somewhat common in the 50's and 60's for mood lighting. The colors were very soft and subtle. Pink was commonly used in grocery stores to enhance the look of meats in display cases.