The price seems to me to be at the low end of what you should expect
to pay for a good restoration -- it is about what I paid 12 years ago
to have one done by a guy who I thought worked too cheap at the time.
It equates to a shop rate of about $20-25/hour, not enough to keep a
business going in this part of the world, and a small fraction of what
an auto mechanic or electrician charges.

You can almost certainly find a "working" player cheaper than that.
The problem comes in with not knowing what has been done, left undone,
or done badly.  A good restoration should yield a piano that plays
expressively with the barest pressure on the pedals, and it should
continue to do that for 20-30 years with minimal intervention.  There
are unfortunately many out there who even still just recover bellows,
replace tubing and call it good.  These pianos will probably work, but
not well and not for long.

Unfortunately, it is very hard to tell what has been done without
tearing into the innards of the piano unless you can see obvious signs
of a poor restoration such as the use of clear plastic tubing or
evidence of Elmer's glue anywhere.

High price is, sadly, no sure indication of good work.  You need to
read up on what comprises good work (the MMD archives and John Tuttle's
Player Care web site are good resources, as are Art Reblitz's books on
rebuilding player pianos and piano actions) and ask lots of questions.

Don't disregard the piano action-- rebuilding the player action alone
won't produce a great piano if there are problems with the piano
action.  Pretty much any 60-90 year old piano needs action work, new
hammers, probably restringing, and certainly full regulation.

It seems to me that generally for an investment in the $5-6000 range
one can have a completely rebuilt, refinished, like new piano of much
better sound and higher overall quality than newly manufactured pianos
that cost twice as much.  (I'm sure others will correct me if my
guesses on prices are out of line!)

So what comprises "is it worth it?"?  If you want to turn around and
resell it at a profit, then no, it's almost certainly not worth it.
If you want a quality instrument that will serve you reliably for may
years then it may well be.  (I can't comment on the underlying quality
of your particular piano.  It's worth starting with a good instrument
if you are going to invest in a full restoration.)

A "working" piano can be a great bargain if the work has been done
well, or you may be looking at a full rebuild in a year.  The risk is
a large part of what drives prices down, I think.  Only you know what
your comfort with risk is.

In my opinion you should skip the electrification -- pedaling is much
more fun.

Cheers!
Roger Wiegand
Wayland, Massachusetts, USA