I didn't have any real good luck with safest stripper. I'm not sure if I've found anyone who had good enought results to feel like it was worth it. Anyone use it and happy with the end results?
But with that amount of damage, you are going to need some SERIOUS wood filler or cut a section off and replace it. Either way you will need to paint over an pretty big area. I think cutting the wood section will probably be your best solution. Wood filler for something that big will be a huge annoyance.
btw, are you planning on keeping the original control panel? Or build it out? You might consider it since the wood is pretty much toast in the area. You might want to just cut a chunk out of each side, and build a slightly bigger box. Anyway, if you considering it... nows the time.
Other then that. I would first fix the sides (which ever way...) then paint everything one color. Get it good and smooth... then buy some side art. Or be happy with the color. Or go for something completely different then sideart... but basically you want to fix everything, paint everything till your happy... then do artwork.
Good luck