This is a cool little bike, looks like motorcycle. I'd have to say, yes it worth restoring. These little bikes may not look cool to some people, but when you stop and ask yourself, when was the last time you've seen one? If you have kids or grandkids and like to ride bikes with them. It's worth restoring it.
In my opinion, this one is one of the more desirable ones being the Bronco model with the tank. Definitely a good one to restore. And it looks fairly complete. A little elbow grease, some steel wool and metal polish would go a long way on that. A bearing repack with some fresh grease would certainly be a good idea. When I did mine, I disassembled the whole bike (except the cantilever frame portion). I like to bag and label all the parts like fasteners, etc. and photograph each step for a visual reference later. While it was apart, I'd give it a good thorough cleaning and polish where necessary. If the paint is fairly good, I would hand polish the original paint, detail it up a bit and consider keeping the original paint even if it had a little patina to it. A little patina can add character, I think. Good luck with it. Be sure to add some before during and after pics. It's fun to follow a project. Take Care, VRROOM!