I had the opportunity to replace the plastic bridge on a LG-1 not too long ago and started a little thread that might be helpful. The owner told me it was a J45 so that is what I titled the thread, when I actually got into the guitar I realized it was and LG-0 or 1, which apparently were fairly inexpensive ladder braced "student" models. Here is the thread
viewtopic.php?f=10137&t=51212
Normally on really old guitars I try to take the least invasive methods I can - I don't like to screw around with finish and I try to use materials and methods that fit the era of the guitar. In you case the guitar is pretty much a basket case and as Hesh said not worth much to start with so it would make a good learning experience. There are also a bunch of potential issues that you didn't mention in your list - I'm going to assume that the neck angle and frets are both bad.
If it was my guitar I would pull the neck, then remove the back. Do all the structural repairs including a new bridge plate, cleat the cracks. Put the back back on, strip the finish and refinish with lacquer (neck and body). Set the neck, refret it, make or buy a wood bridge (like I did). Replace tuners.
You will probably loose the Gibson logo (decals are available). The one that I worked on had a nice punchy sound, certainly not "complex" but kind of a funky bluesy sound - probably because of the ladder bracing. Good luck, post pictures of the progress.
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