Daniel - The photo is not accurate !

The siderails are varnished - not Red. Although your lock down bar should be wood, not metal. Maybe ask Mark if he has the original and swap it over ? chances are that the machine arrived like that..

I would repaint it.

But I would do a lot of research to ensure the restoration of the cabinet is faithful to the original. You could also remake the legs.

One hell of an undertaking, but the reward would be worth it in my view !