I've bought and renovated quite a few old machines, varying greatly in condition when I got them. The Wadkin was by far the worst....and oldest....and in that case I had no choice but to do a full strip-down.
However, if a machine is usable without re-doing the paintwork, then I'd be tempted to think about that option. To me, repainting is a huge step up in effort level....maybe because I have to do it by hand (ie. no spraying available)....and maybe because it is tedious and deceptively easy to get a poor result.
(OK, so I worry a little bit too much about the paint finish on my machines, instead of getting on with some woodwork....I admit it
I recently renovated a MiniMax bandsaw which was borderline in the paint department as far as I was concerned. From afar, it looked ok....up close the paintwork was chipped and blistering with surface rust (actually the original paintjob was shocking, so even when new it had drips and dirt in the paint finish!).
I was already part way into the Wadkin at this stage and did not want more painting to do, so I decided to leave it. In fact I touched up a few of the worst bits using a close colour match from Humbrol, and then cleaned the rest, using a car cutting compound followed by car silicone polish to improve what was there. The end result isn't actually too bad....and at least when I dink it in use with a lump of 2x4, I'm not cursing the hours I spent repainting it all.
Looking at your pics, the paint work ain't too bad, so it depends on how concerned you are with the finish at the end. I reckon you can probably get away with a strip-down and clean-up only....of course you can always change your mind later and paint it (it's not a one-time decision!).
Hope that helps?
Graeme