Looks in relatively good nick, just been a bit unloved. Do you really need to polish the steel? Abrasives and lathes don't really mix all that well, OTOH a coat of paint could work wonders.

Question is, did they junk it for a reason? The fact that it's still around could mean there's not a lot wrong with it
I am also a fan of Safewash, smells like bubble mixture, expensive but not so bad if you buy the 25 litre size. I use it in an ultrasonic tank, dissolves awkward organics and leaves everything shining like a new pin.

Robin