Yeah i agree,
Have some fun with the refinishing process. If you don't want to spend a lot of money, but might want to get some experience refinishing, I'd say this would be the guitar to do it on.
As far as what kind of guitar it is... I'm thinking it might be one of those "sears" guitars from the 60's or maybe its an old teisco or something. Their might be some kind of identification in the neck cavity or on the neck.
Good luck!