Yes, totally worth restoring.
It's really a beast of a machine, weight wise; much heavier duty than anything modern in it's size.
Years ago, I swapped out the original motor for a variable speed conveyor belt (treadmill style) motor and it's worked very well. I also re-turned the jacobs taper to get very little (.0002") total runout and added a new chuck.
There is a fellow locally in Southern California who restored the same DP and is trying to sell it on Craig's for about $750. I can't find the add right now but I just sent him a message asking for the photos.