I wonder about the origin of your "Valley"? I have seen some German machines with similar stitch length lever, and they can have reverse stitch. If the shuttle is there and it takes a reasonably common needle type, it should be a nice project. I haven't done much refinishing, but I have cleand up a few machines, polished and done a few touch ups of random ships in the paint. I have done table tops tough, and it is similar.