Worth restoring? Really depends- worth it in what sense?
As I see it, it's a mass produced, low-end ish guitar. Quite old, and as you say, in rough shape. How far it can be restored to playability will depend, and it's often hard to tell how far you'll be able to get. At a glance in your photos, I don't see any life threatening flaws, but it's hard to tell.
But, worth it? Well, most likely it won't be worth a lot. Even high end guitars that old aren't worth too much, unless they're rare, in good condition, or both. Seems to me like this one isn't too rare, and not in too good a condition. So it's most likely (correct me if I'm wrong, guys) never going to be worth much $$.
But, if you've got the parts...do you like the work? I think it's cool looking. Sort of Woody Guthrie meets Roy Rogers. It could be, especially if you get it playable, a really cool bit of the past to own. And sometimes old wood just sounds GREAT. Whether it'll be a great sound-er or not, of course, you really won't know until you get strings on'er.
I'd do it, if I had the time. What have you got to lose?
PS- I just re-read your post. If you're considering restoring it (yourself) I would go for it. If you're thinking of having a pro do the work, I'd be a lot more hesitant. THe cool thing about projects like this is turning something old and junky into something cool and retro. But getting it done, my guess, would be more $$ than the final product is likely to be worth. Unless it has some special meaning for you, I might not. (where did you get it?)