I am sure it will look just fine cleaned up and put on the shelf. It probably wont get used much if at all as I have an Adept (also sitting on the shelf) and a Sherline.
The Sherline is in nice condition except the 3 jaw chuck is rather comprehensively munted and I have not yet plucked up the courage to buy another chuck (3 or 4 jaw) for it as they seem to be rather spendy, but if I had a chuck for the Sherline I would use that for any tiny jobs that come along.