...furniture and wooden objects division...I find it increasingly difficult to make 'one size fits all' absolutist pronouncements on such topics as this one. However, seeking and evaluating qualified information about the item, as has been done here, illustrated how far a more generalized knowledge and it's application has advanced, regarding our items of affection.
My vote? Should there not be any really significant historical or cultural markers regarding the object, and the current condition of deterioration should be stopped, at the least, such steps are fine: "stabilization". Further, if a sympathetic cosmetic and/or structural renewal -- to a degree acceptable both to the owner and the practitioner -- then such an 'informed refurbishment' is not a cultural criminal act.
Does that mean belt sanding and applying a tinted polyurethane finish to a Herter Bros piece, and Ye Olde Etc? Of course not. However, readers and contributor here are mostly well informed as to the ins and outs of such decisions, so no need to further belabor the point.
My vote is for a well-done restoration of both the wood and metal, as the info presented now stands. Your own ethics or aesthetics may vary, but I doubt very much if the present owner has wire wheels, belt sanders and 'etc' in mind for the lovely vintage piece.
JMHO
