I removed the hardware, which isn't in bad condition, and measured the action at the 12th fret. A massive 9/32" from the 12th fret to the bottom of the low E string. WOW!!! The top has warped and separated from the body, pushing up the bridge. I'll need to shave down the bridge to get that down to at least 5/32", preferably 3/32" if I can keep it from buzzin'. There is a lot of room on that bridge to adjust it higher, so I'll need to shave 3/16" off to start.
The finish isn't too bad, although there is plenty of electrical tape residue all over (no, I do not know why) and a few chips to go with the crackling. The frets will clean up nicely with a bit of painters tape masking and 0000 steel wool. I hope to clean up the nastiest spots, oil up the fretboard, and install the missing pickguard.
I found some good resources at the Guitar Restoration Forum, Stewart MacDonald and Frets.com that are very helpful. There is also a pick guard on eBay that I'll need to get.... should look real nice, and hopefully play well.









