Bit of an update on this, since there's a lot of GM love swirling around at the moment.
So after being swayed by the comments here by those who have gone before, and by the traditionalist retro bat fan in me, I opted to retain the old stickers and set to work. It was the right decision.
I saw the potential in it (link below - look at the grains under that yellow....thing) but it had obviously been neglected for a while and needed a healthy dollop of time and TLC. An Academy size and weight (pretty much dead on 2lb 8oz) appealed, as I'm officially a Small Man size at 5'8 ish in m'studs.
Structurally, it was actually in pretty good nick - no major dents, stud marks or delamination, and a ping test with the ball proved that there's a lot of life left in this one. I don't think it had been used in anger that much, really.
It was very dry above the original thick yellowed scuff sheet, and the damp had got to it a bit, with a few spots of mildew on the back.
I stripped off the scuff sheet and sanded all over, working up through the grades starting with 240 grit, then 320,400,800, and a final going over with 2000 grit. This all served to take off the top layer of wood, to achieve a pretty consistent shade of willow, but the moisture marking at the toe ran deeper into the wood but I was happy to leave that.
And with some serious application of bat wax and even furniture polish over a few days, a period-correct GM Control grip and a scuff sheet, and she's all ready to make her comeback in 2019.
I was even lucky enough to source an unused vintage GM bat cover to complete the restoration. As
@Gurujames says, it was indeed very satisfying to bring an old classic back up to ramming speed.
https://imgur.com/a/nlh5Lff