heirloom or junk: I need your help!

I recently started up a book club and at our last meeting, as we discussed our book, a friend of mine made the comment that often times when someone we love passes on we make the mistake of thinking if we hang on to their stuff it’s like they are still with us.  I realize this isn’t the case with everything, but as soon as she made that comment my mind flew to our bedroom where we are housing an unfinished dresser I got after my great grandmother passed away.
In my head it was going to be a fun project for Jeremy and I to work on. We’d sand it down perfectly and stain it a rich color to match Madeline’s room and she’d grow up with it and pass it down to her oldest daughter who’d pass it on and on and on etc, etc, etc. 

Reality: It’s in pretty bad shape.  It doesn’t just need to be sanded down and stained.  It needs to be sanded and have the veneer stripped off.  The drawers are completely falling apart and the back has some good sized holes that would both require partial reconstruction.  We started sanding it and staining it is out of the question at this point because of the glue from the veneer and the cheap wood underneath.  So we’d have to paint it, but do I really want to paint it?

I’m so in the mood to clean out all the junk we have before the holidays (where we will undoubtably buy each other more junk).  But is this another piece of junk?  I know we don’t NEED it right now, but we will someday, right?  Plus it was the dresser I used when I lived with this grandma that I really loved.
In the name of giving you all the details, I will also say we paid a small fortune to ship it across the country (along with two couches that don’t match anything we own and a washer we ended up not needing… gah sometimes I just want to kick myself!) so for that reason Jeremy says we need to make the most of it.  But in my head it’s just more $$$ and more TIME that quite frankly we just don’t have.  
So I turn it over to you, dear friends.  Is this another piece of junk or is it a special heirloom? 
  

P.S. The Wednesday Letters is the book we read if anybody is interested.  I quite enjoyed it.

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