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lots of missing and peeling veneer
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Yep... that's a project, all right. In your hands, Col, it will come back to life. As far as the chassis is concerned, you are correct in thinking that in order to see a picture on the screen of a 405-only set such as this, a method of signal conversion is required. Ready-built converters are popular but at a cost (good value, though). I think your idea of passing on a set with a restored cabinet for others to finish has merit, but could you bear to part with a set? On the other hand, TV chassis restoration is a pretty full-on thing and it isn't everyone's cup of tea. Whatever way you go, good luck. I know that at the very least the cabinet restoration will be spectacular.
-Tony