Wood Finish on W115 dash

On Friday I purchased my first Mercedes Benz - a 1975 300D (W115). The dash has only two minor cracks, but the wood finish is coming off on the glove compartment, and has a web of cracks just under the instrument cluster.

What is the best way to repair this? I figured pulling all of the wood out, sanding it down and refinishing it would be the best option, but I'd like to get some more input.

Thanks, and just want to let you know you have created a wonderful community here.

Ben