I rebuilt the electronics a few years back and tucked the whole thing back on a shelf as I tried to work up the enthusiasm and to develop enough know-how on refinishing the wood.
I easily stripped off the old top-coat using a 50/50 mix of Acetone & lacquer thinner using a 00 steel wool pad to slosh it on and rub it all off.
I think there must have been an under-coat of shellac down below everything as I know I didn't really get down to raw bare wood. Then I re-stained it all using Minwax English-Chestnut penetrating stain which seems to have been an excellent choice.
I tried to get the dark part stained with Ebony stain but it just wasn't even enough... so I masked everything else and sprayed on Behelns VanDyke Brown toning lacquer.
As soon as all that was dry I started applying that great new, easy to use top-coat product, Minwax satin-finish, Wipe-on Poly just using a lint-free rag and rubbing it all around. Very very easy.
Next day I applied two more coats of the Wipe-on Poly with a light rubbing of steel wool between coats to give it some tooth.
After 24-48 hours I gave the whole thing a coat of Butchers wax applied with a 0000 steel wool pad and then I buffed it all out by hand.
As for the grille cloth, I liked the weave pattern a lot but it was all faded-out and basically beyond useable as it was, ...so I tried a light spray of metallic-gold paint to bring it back to life.
Those two nicely curved grille bars had started to seriously de-laminate in the back and several layer/pieces had fallen off already making the front part very thin and frail, so I built it all back up in the rear with glued on pieces of thin wood from a paint-stir stick and clamped it in place till dry and strong again.
The knobs (just like the entire chassis top and bottom) got a healthy coat of clear gloss lacquer.
Anyway... in summary:
I am so glad to have chosen the Wipe-on Poly for a top-coat, because I never get any runs or drips and the best part is no more over-spray all over my garage anymore!
And just look at the great satin gloss results
Very nice, as usual
Steve