I can't tell if that's the original valve or a replacement weight assembly, but yeah, it wouldn't need much more than some tung oil on the wood parts to make it presentable, and if you prefer a weight over keeping tabs on the gauge, it's an easy change-out.
I had a heck of a time finding a replacement gasket for my Guardian of this same size -- a Presto clone, but of which model I couldn't be sure, and eventually found one on line for a NP #7 that did fit. I also installed a 3-piece Presto weight in place of the valve, so I have the option of 5, 10 or 15 pounds of pressure, and of course I can leave the thing unattended for brief periods without worry.
I find a pressure cooker to be one of the most satisfying things I use in the kitchen.