Totally looks like a do-able restore, go for it!

W.r.t. the lettering on the light inserts, before you clean them off you might want to read these instructions on creating waterslide decals and take some photos of it with a grid overlaid around it.  Instructions help you take a photo and get the perspective and sizing corrected so that you can re-print the artwork on water-slide decals.

I used that technique to repair the lettering on my Space Odyssey last year and it worked great.  Only gotcha is that if you use water-slide decals then you have to clear coat the playfield when you're done (I used "Varathane", but others use automotive clears).