Your concertina appears very similar to an 1870's Louis Lachenal that I am trying to rescue. The fretwork is a little nicer than mine.
I'm relatively new to concertinas and got into it because I enjoy playing some music (poorly - but who cares) and tinkering as well. My wife and I got into it because we stumbled across a professional quality instrument (a Wheatstone Aeola) at a thrift store. I wanted to fix it up, however some knowledgeable folks on this site suggested that it was too valuable for a beginner to work on - and I took their advice. We have since purchased a steel reeded Lachenal & Co. as well as the brass reeded Louis Lachenal.
The Aeola was professionally done up by Concertina Connection (great service!) and is so responsive (and loud) that for a newby like myself it is almost intimidating.
The Lachenal & Co. steel reed one is nice to play and responsive enough for a beginner like me. It has bushed keys which seems to help.
The Louis Lachenal brass reed one (which is getting close to finished) has the spruce baffles, but not bushed keys. We love the tone, which which is more akin to a "blues harp" harmonica. It does a great job on slower, folky type music, like "500 Miles" and "Motherless Child" but even as a beginner I can feel the difference on faster tempo songs.
The "worth it" question is pretty much subjective. I played one of the decent modern ones with accordian reeds, and I think the brass reed Lachenal is far more playable. Those modern ones can be had under $400 but are big and clunky by comparison. If you check on Ebay, a restored brass reed Lachenal (48k) of similar vintage was sold recently (by a respected vendor) for about $700. Unrestored, they seem sell in the 250 to 400 range on Ebay. An up model steel reed Lachenal that had been rebuilt was sold in Dec. for about $1100. You can do the math from there.
IF you have the time, lots of patience, and like (emphasis on like) to tinker, that alters the equation. I have had many hours of enjoyment (and some frustration) rescuing the brass reed Lachenal. Dave Elliot's book is great and the folks on this site have been really good about answering questions. I found that the basics like pads and valves are pretty straight forward if you spend a few $ on things like really good screwdrivers and remember "never force anything". Oh, and if you start down that path be prepared for surprises...and roughly triple the time you think it will take.