I'd restore it up and use it.... my "work boxes" are a pair of 26" chests with matching top boxes... you have to pull them apart and lube the rails every year or 2 (get extra drawer retainer clips, and if you can extra rails), I put new casters on them (the old ones were shot and didn't like the weight I was subjecting them to), cleaned up the rust issues (I think they all have rust issues eventually, fortunately the sheet metal is heavy duty, so there's a lot of room for forgiveness) and repainted the "chassis's" with what I had on hand (OD Green)... they're ready for another half century of abuse.
Honestly, they're hard to beat, and while they're not as stout as tool truck boxes, they're no slouch... and better, they pop up at garage and estate sales fairly often at far less pecunium ad their more expensive Snap-on brethren...