It looks like the dial might have had (lumed?) dots that are gone, and if I see it correctly, the lume on the hands had different colorings. If it were my watch I would probably leave the dial as it is, apart from seeking someone who could relume the hands and dots in a classic style (i.e. not yellow superluminova, but something slightly less strong and more greenish).
I'm no expert on vintage watches though, so maybe it's a form of heresy to consider this
I vote clean and relume, or just remove the old lume. The hour and minute hands look like they might have had radioactive lume; if nothing else, they look like they're rusting, and on that style of hand it's pretty hard to remove the rust without destroying the hands. New hands might be required depending on how deep the rust is.
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