Bets are the cadmium plating is etched, with the splotchy surface. About all you can do with minimal or no effect to the lettering is to use the scrubbing bubbles procedure. About the only thing that will bring the chassis back to an even looking surface is to strip the chassis of all topside parts, then go at it with abrasives and polishing gear. You end up with a highly polished chassis but no lettering.
If you mask all the sockets, and trannie's after cleaning, you can seal the chassis with a couple coats of a clear. Use a rattle can semi flat or satin finish for more authenticity. Full gloss will look funky with the splotches. If any of the lettering comes off go down to the hobby shop that carries HO scale or N scale model trains. They usually have dry rub off transfer lettering. All you have to do is match size and font as close as possible, which is easier said than done. apply these before the sealant so they are locked in.
I'm not that keen on bringing one back to factory (just out the door look), just clean it up with minimal change to the actual parts and chassis. I did a 400 for a guy(strip and polish, lettering, seal), and boy did it cost him. Had something like 15 hours, stripping the parts off, cleaning, polishing, applying lettering, and then sealing it with clear. All this on top of a full resto underneath and I was about ready to throw in the towel on these. Any nicks, marks, splotches, funky striations in the cadmium, etc. I consider to be war wounds from 50+ years of use or abuse. As long as the Front panel is decent and the chassis isn't rusted to hell and back, I leave it out of a case. If it came with a case, I'll put it in the case.