Well first off congratulations! That's a $300 to $500 turntable which I'm sure nobody at Goodwill knew so you must have got a helluva deal and now have a beautiful vintage table worth putting a little time and money into. Well in your case more time than money! lol!
Good. Way it should be.
Big chips can be filled with wood filler, sanded and stained. But often times less is more. Merely darkening the chips with a colored felt pen may be enough to hide them. Then wipe the whole thing down, anything from Lemon Pledge to Teak Oil will work just fine. That wood is probably thirsty so don't be afraid to slop it on and keep slopping it on as long as it keeps soaking in.
Pull the platter. Clean the platter top and bottom. Clean everything. Disassemble, clean and lube as much as you can- especially the bearing, footers, arm, and whatever suspension you're able to find. I don't know that model but just based on vintage there's probably springs and/or rubber parts. Be careful. Some plastic/rubber parts may be brittle or cracking. In those cases may be better to carefully preserve than try and take apart and risk damage.
Carefully inspect and check as much as you can of the wiring, every bit of it from the cartridge clips to the head shell/arm pins to the RCA connectors. Clean all contacts to shiny metal.
The bearing should be your biggest concern. Try if at all possible to disassemble the bearing, clean and lube. Failing that soak it as best you can. I have a similarly old DD table and it still works great except you can hear the bearing rumble. Well in my system you can! Maybe not with your associated components but still you will want that bearing clean and lubed it is after all nearing half a century!
These vintage tables have a pretty good following, you'll probably be able to find tips on all this if you search around enough.
