A full disassembly would be the first thing I would do in order to completely understand the condition of the vise. Pay particular attention to the main nut because they tend to be hard to find replacements.
That said, your vise would need nothing more than a nice treatment to a wire brush to prep the paint surface. The handles can be wheel polished.
There is a vise restoration thread on here that goes over every technique under the sun. Give that a good read and decide which would be the best one for you.
954 1/2 Parkers were made in the mid 1940s onward until production ended. I don't know the date of production end but someone here will.
