Is it restorable.. well yes it is. But it depends on how much time you want to put into it compared to how much its worth at the end of the day. To restore and sell on is a false economy.. to repaint this is far too much time to make it a profitable exercise. But if you wanted a challenge and intended to keep the machine then.. yes.. go for it.
middle section of Star trek isnt that complicated... its a pretty simple design.. mainly the stock blue with the Enterprise taking centre stage.. text will be an issue but if you are willing to vectorise the letters then it can all be replaced using a basic stencil and airbrush.
Done with care, youd never know its a repaint.. id estimate about $600 - $700 worth of work on the PF alone.. possible 20+ hours work NOT including any vectorising or time spent paint matching. Would certainly be cheaper to buy a repro and do a swap... but then again, wheres the fun and pain? LOL.
My Star Trek isnt in as bad condition, but its not too far off and i bought it with a PF restore in mind and im looking forward to the challenge.
Big project this game.. but not by any means impossible

I'll rephrase part of my opening statement in my previous post.. i dont think i'd like to try to restore THAT one, for anyone else 
as a long term project for myself i'd definitely have a go at repairing that p/f

I'd be tempted to bid on this game but i have too many projects of my own that i simply dont have the time (or money) to work on at this point in time