Well, I guess the "so called" hypothetical situation isn't so secrete anymore. I do have this cart, and here is a pic of how it came to me. Sorry for the low quality cell phone pic, but I didnt have my camera with me, before I disassembled it to take it to a friend to media blast:
As you can see, the original owner (I have the history of the original owner, I purchased it from his son. The history gets even deeper, and I have more original mechanic related possessions from the original owner, but I'll save that all for when I reveal the restored unit) removed the center shelf, and put a large metal cabinet on the bottom shelf. I have removed the center cabinet, and will cut and bend a replacement middle shelf on a brake. Also, the original wheel mounts broke long ago, and sockets for the wheels have been welded into the inside of the angle stock at the bottom. I will fabricate new wheel mounts as well.
I dont want to over restore, I wouldn't do it to a classic car, I wouldn't do it to a tool box. I will probably use a single stage black paint, with a tad of flattening agent (these were not full gloss when new, it was a black enamel that had a kind of dull finish).
As you can see, the condition is solid, but very ugly. It has was repainted several times, with lots of staining and paint spatter everywhere. Even though its in pieces, you wouldn't believe how much better it looks in epoxy sealer just after blasting!