You could strip it back to the original finish and seal the wood, paint over the existing finish with chalk paint, and/or set a slightly larger top on it. However, part of its charm is the old handle, old paint, etc. If the machine inside is of negligible value (not an old Singer, for example) it could be removed and a drawer or box added behind the door for some storage.

Have you tested for lead paint already? If it's free of lead paint, you can strip it and refinish to match the dark brown visible inside. Or repaint in any color. The hardware can be soaked overnight in trisodium phosphate dissolved in hot water to remove paint.

It'll make a cute end table, just lightly sand and repaint. I can almost guarantee you that the top is veneered.