The real dedicated hunters and pickers will tell you that the good ones are still out there for less than $15 or $20. They may be willing to spend some time, many hours hunting and rubbing and polishing and painting things up, tweaking and tuning to get a fine piece.
I look at it a little differently. If it is in great shape, will make you happy, serves a purpose, and still cost less than a modern brand new lantern, then what is it worth to you?
My turd cost me nothing (yard sale find gift from a friend), then I overspent and splurged $34 on a genie stripe frosted globe to make it original (rather than a $10 clear replacement).
I spent less than the 90 bucks that a new 2 mantle would have cost, but more than the recommended $15 entry fee. I only have the one lantern (...so far), and I have only spent about an hour or two getting it presentable and working.
How far do you want to go? What is your hobby budget for time, do you want to spend it getting up early every weekend to go hunting for that diamond in the rough (before the other guy gets it), and and how careful do you need to be with your money?
Only you can answer these questions.
Is it worth it? I say yes, do it.
