Is the label a sticker or a plate? If it were mine, I would strip it down, powder coat, replace the bearings (if you can find parts) and hardware (screws, bolts, etc.) with stainless hardware as well as rewire it and replace the switch if necessary.
I'm kind of a sucker for powder coating for 3 reasons, it looks great, its durable, but most importantly, most powder coaters use a good chemical bath to strip off every ounce of paint, dirt, oil and whatever else has made its way on the metal over the years, leaving the original surfaces to work with, which in turn means less cleaning for me.
The label looks like a sticker and is likely too far gone for it to be salvageable. If you want to get it back to original, I would see if someone has one with a label that you could duplicate from, have them take a picture and then have someone with a little photoshop experience clean it up, make it into a label and then print it on vinyl or a similar material.
If you really wanted to get fancy, you could make a tin label for it. Its a bit of a pain and is a multi step process, but it definitely looks great and 'factory quality' when your done. I had a friend make me vinyl templates with their cricut (computer controlled matte cutter) and then airbrush on your layers over the templates.
