Well worth restoring, and a great find with all its original parts. Frame is butted 531 and the lugs are Nervex Professional, so it's a quality hand-built machine, probably from the mid to late 1950s judging by the equipment.
Chater Lea cranks, Airlite hubs, Campag Gran Sport rear mech, Brooks saddle, Mafac brakes and GB bars and stem - it's all top drawer componentry for the period.
Should be a very rewarding restoration project, but it might be worth preserving the frame instead of having it repainted. With T-cut and polish, it may well scrub up quite well.
1996 TJ Flying Gate, 1989 Concorde Aquila, 1969 curly Hetchins Magnum Bonum, 1956 Bates BAR, 1955 Gillott, 1955 Claud Butler Avant Coureur Special, 1953 Ernie Clements Special Course, 1950 Granby, 1948 FH Grubb lugless, 1938 WJ Hood Palace Special