I agree with Combo/John - having brought in several dozen machines from Arizona, I can say from experience that they are a delight in many ways, mostly because of the lack of serious rust and corrosion in areas that kills these machines on the east coast and other more moist areas.
The light surface rust on this machine could be removed and the cabinet repainted without a great degree of difficulty. Since these machines are of such an age, and their tops and lids were not porcelainized, the parts are often well beyond their prime by now anyway, rusty or not. A restoration of one of these machines may require repainting the cabinet regardless, so I wouldn't let the appearance deter you too much.
I would want to see underneath and inside....if the parts are as un-spoiled as many I've seen from Arizona, then I would be encouraged by this machine either as as a restoration candidate or as a parts donor.
Having this freshly painted would really make it stand-out!
Gordon