Assuming you don't have small kids who might climb in and get stuck, the trunk could be refurbished. Clean the metal with Flitz or some other metal polish. Order or make new leather handles from old leather belts if you can figure out how to replace them. The leather edges can be cleaned with saddle soap and reconditioned. As for the scratches, the top can be carefully stripped to avoid damaging the leather. Then it can be recoated with a stain and several coats of polyurethane.

Alternatively, you could decoupage a few dozen reproduction travel stickers onto the top and coat with polyurethane.

An alternative finish would be an oil based varnish, perhaps tinted. Think wooden yacht finishes.

Old trunks really are a safety issue for small kids, which is why regulations in the US for storage furniture, such as toy chests and ottomans, have changed to prevent danger.

I'd fix the scratches and restore the trunk to as close to its original look as I could get. Just can't see this looking good with paint....since 90% of the appeal is the old, mellow, nostalgic finishes. Use a highly resistant varnish!

The trunk is a bit bulky to be a coffee table, but would be very nice in a side table position or just against a wall, possibly with a stack of books on top.

Our days of small kids in the house are long over. Closest grandchild < 4 is in Syracuse, NY. We live on the CT shoreline, in Old Saybrook. The grandchildren who live with us are 12 and 14.
Showed my husband the comments, he is all over it. Thank you all for yr input. Will post when he is done. And yes, I agree it is too bulky for a coffee table, but we have stored their bikes and electric scooters in their for the winter and needed center stage for the pictures. Thank you again.