I had a chance to take a look tonight, and I think things are looking pretty good. The backglass is in great shape, the playfield is pretty worn. The plastics are in need of replacing, and the rubber is just plain missing in several places. The boards in the back box look next to new, which is a great sign. The high score battery (which I will remove) looks like there is no leakage, although there may have been a slight mod to the ground area on the MPU board (shown in pic below).
Other than that, the game powers on and the MPU flashes correctly (which means it passes its self test). There is no sound (more on that in a moment) so it is difficult to tell exactly what is going on, but I believe a game will start. About half the coils don't work (including both flippers), so they will need rebuilding or replacing. And about half the lights are out as well.
One wire to the speaker was cut, hence no sound. I would have spliced it to check the sound, but the same wire was previously cut and re-soldered further up the line. It makes me suspect a problem that someone might have cut the wire as an easy fix, and then a later owner fixed it, only to re-cut it when they discovered the same problem. I'll check out the sound soon enough.
The rectifier board does need to be rebuilt. It is the only board to show signs of burning and wear. But the voltages on the test points seem good when there is a load on the board (i.e. the game is on and the connectors are hooked up). Interestingly, one of the test points read a high voltage when the connectors to the solenoid driver board and playfield were disconnected. I would expect a higher voltage when there is no load on the board, but at marvin3m he suggests that you disconnect the connecters that I disconnected and then check the voltages. Of the voltages he lists for the test points, this one is high. Once you reconnect the connectors, it reads fine. I imagine when I rebuild the board it will look better.
Anyway, I am excited, and I do have a lot of work to do. Is it better to just replace faulty coils with new ones? Here are some pics...
Edit: Oh, and it came with the original manual, some brand new (original) coin inserts for 50-cent play, and a quarter in the coin box!