Hi Rob!
Welcome to the forum! I would say that they are certainly worth the restore! It does take time, but hey - for the most part, it's free!
Before I mention anything else, I will share with you right away, as soon as possible, before you lay a finger on that kit - DO NOT USE ANY STEEL WOOL! That is the most common mistake when it comes to restoration. Some will disagree with me, but nobody can argue against dull / cloudy chrome due to fine fine scratching - which is what steel wool will do no matter how fine the grade of SW it is.
That said - I will encourage to read through these many many pages of restoration advice that you will find on this forum. These are both found in threads like this one, but also the creators of this forum have done a fine job of posting information of how-to's and what products you could use.
At the same time, breathe easy, because you don't need to buy a bunch of expensive products to do this.
Here is a list of what you will need (at least what I recommend):
Micro-fiber clothes
Original blue DAWN dishsoap
Turtle Wax Chrome Polish and Rust Remover
3M Lens Polish and Protector (unless you have sparkle wrap with an orange peel surface feel to it, in which case no polish needed) Some use NOVUS products.
Toothbrushes
You can probably get all that for about $25.
I recommend soaking chrome parts in Dawn-H2O. After 24-48 hrs, brush up these parts with a toothbrush. You will be amazed already at how clean these parts will turn out. This should provide much inspiration to really dive in to this and do it right! Then polish up these parts with the Turtle Wax. Use this same Dawn/H2O mixture and a cloth (do not misunderstand me, not suggesting to soak the wood drum shells!) to clean the shell wrap prior to polishing with the 3M stuff. Wring the cloth well before hand washing the wrap. Be careful not to get the wood wet (shells). If you do, dry immediately (perhaps using a hair-dryer but not too close/hot).
Use the micro-fiber clothes for everything so as to not scratch. The soaking does most of the work for you. Designate clothes for certain products. You can snag these up for about $1 each at a dollar store. I would recommend buying 5 to start, though you will likely need more before you are done.
This is a very abridged version of how to go about this, but it just might give you all you need to know. Be careful not to leave the chrome parts soaking too long (test it throughout the process). Some T-bolts will lose their chrome sometimes. So, for those, I just clean up and polish by hand (Turtle Wax). MIJ chrome is known to be poorly done and sometimes that reputation proves true. Sometimes, the chrome on these parts are just as good or better than the American stuff.
You can take the wood BD hoops off and re-paint them. Just be careful removing the wrap (should only be glued). Use either flat or glossy Rustoleum paint. When replacing the wrap inlay, use two-way tape and/or contact cement (even just Elmer's will do).
Do not tighten the lugs too tight to the shell - it may indent the wrap. You don't want the wrap to ever crack - that is a never-ending nightmare.
I would replace all heads and use the following:
Remo Ambassadors for snare and toms. Clears for the bottom, clears or coated for the top. Standard Amb. snare and snare side for the snare (these are pretty much industry standard for a reason) On the Bass drum I would highly recommend an Aquarian SKI for the batter side and an Evans EQ3 (or EQ4) for the reso (front). With these heads, you will not need anything at all for the inside of the BD (and no felt strip needed either).
Once you follow the above steps, you will find that your kit will look brand-new.
Bearing edges must be true. Re-cut if necessary. This takes some more expertise, but can be checked easily by yourself. Just use a flat surface (piece of glass or an aluminum machined table top) - and a flashlight. Research here online for more details. For tuning the toms, I tune the top and bottom the same - to the 'timbre-pitch' where you are essentially tuning to the natural pitch of the shell. Look up (on Youtube) and watch a John Good (of DW) video on this for more instruction. I then use Aquarian Studio Rings (or any equivalent). These warm up the toms - essentially EQs them. You will be amazed at how good they sound, provided they are tuned for maximum resonance beforehand.
Any more questions - throw them up here and myself or someone else will gladly advise you!
Lastly, have patience, it is worth it in the end. If you are doing this on evenings and weekends, it might take you about a month.
Have fun!
Attached is a pic of my first full restore - took 3 weeks on evenings and weekends.
John