Nice flea market find! That usually means you got a good deal too.
Yes, as Alan stated, this is classic Palembang and a pretty nice example. I would follow Alan's advice to fix the problems. It would be nice to restain this one if you have the skills and i think it would look very nice in full stain.
From the look of the tarnish on the selut i suspect it might actually be silver. If it were mine i would hit it with a jeweler's sliver polishing cloth and clean it up. Silver fittings are intended to shine.
