Some may say keep it original, but I say absolutly! Refinish it!
I find old Ries tripods all the time for cheep, purchase them and completely refinish them, turn around and sell them for a profit.
You will probably have to lightly sand it down. Use a oilbased stain (clear is good, because the wood is a nice color) and then I prefer to finish them with a Marine spar varnish, high glossy. This is very durable, resistant to UV sun rays, and water proof to seal the wood.
For the tarnished metal, I used a very light steel wool to polish everything up and make it sparkle. For all the painted black metal hardware, I used a oilbased, high gloss black paint that is very tough, rust resistant and does not chip easy. Get them power coated would be much nicer however!
Finally, I replace all the tiny rusted wood screws, bolts, nuts and washers with higher quality ones that wont rust or tarnish. They can be purchased from a hardware store.
You may also want to replace the rubber feet on the bottom of the legs. These can be purchased from Ries Tripods.
All the best,
Ryan McIntosh
www.RyanMcIntosh.net