Garrard 301-Worth the effort?

A friend very generously gave me his Grandfather's Garrard 301 to restore or sell. It's not in bad shape, but won't play yet as it looks like it needs a new idler wheel and spindle (so far). I'm not crazy about the tonearm (Garrard with unknown Shure Cartridge) or plinth (plywood box). My dilemma is whether it's worth the effort and money to fix or would I be better off selling it and putting the money towards something new, possibly a VPI classic with a better tonearm? I currently use a Harman Kardon T-65C with a Grado Statement Sonata II and am very happy. But maybe I don't know any better. I've read great things about the 301, but I'm more into the music than collecting antique pieces.
Any opinions would be appreciated.