I'm pretty sure that that machine will clean up very nicely. Forum members use different materials on their machines. In general, I use paraffin as a degreasant/cleanser and then use Autosol chrome cleaner with white spirit on strongly chromed areas, e.g. handle and bosses etc. and the checker-plate on the cash drawer etc.
If you are going to repaint the cabinet then it would be best to remove the front chrome panel off the front door so as to clean properly the front trim pieces and more importantly to get at the lower award panel that the chrome is in poor condition. The door front also needs removing to replace missing coin badge too. Be very careful when removing the front chrome panel. It's held in place by 8 lugs that go go through the front door. You can see on the surround front where the lugs are as the chrome has become indented. On the inside of the front door you will see the 8 lug screws - 1 at each corner, then 2 spaced evenly in between on long sides. Make sure you treat these lug screws with WD40 or similar BEFORE you attempt to unscrew, as any sudden direct pressure may well snap the lug off the inside of the chrome surround.
Once the front chrome surround plate has been removed you will see various types of fasteners holding the various pieces of trim. Again, treat these with WD40 before attempting to unscrew, as they're likely to snap. Replace fasteners once removed so they are not lost prior to replacement or alternately some bag trim pieces with their appropriate fasteners. The damaged lower front award piece once removed can be cleaned, sanded, filled where needed if required, re-sanded, primed & painted.
People paint cabinets in various ways. Some look to try to replicate an original colourway, some paint to match a colourway where it's being situated, and some paint it with what paint they have left in the workshop. Also, when the front trim is off you can clean and polish the coin entry piece and the reel-glass too.
Above all, take your time and don't make any adjustments to the mechanism until it has had at least an initial degrease with 80% of the crud gone, but check through all the posts as there's loads of info on what not to do too!