I'd offer a third option on your little sturdy-looking item , esp. if you're planning on using it in your home .
Although I have not seen under your table , I'd suggest looking to see if it's top has been screwed , or glued (or both) to the lower frame assembly .
If it's simply screwed down , you can remove it and work on the finish (I'm talking about refinishing only the top of your item) .
I think a good finish (tabletop only) , matching it's existing elements , would be a great improvement for your item.... all the scrapes & stains are a distraction , through my eyes , to it's beauty .
If you're careful enough , you can leave the bottom of it's surface , with the ensuing 'match-strike' marks left intact .
There's methods aplenty for refinishing furniture , some of which involve simple (but time-consuming) methods of solventizing an existing finish , without fully removing it .
I'd use careful methods with refinishing with an item like yours , just because I think it's a hamdsome piece of furniture .
I don't think it's 'antique' value is way up in the stars , so I'd just refinish the top if it were mine .
Sounds as if this was used as a 'smoking stand' , at some point , maybe .