Could be...

but the value of the box and the return on investment might be greater with a refurb.

It is also possible that Greg's opinion is that it is not worth doing

All speculation of course.

What is not speculation is that is one ugly baby

A refurb on an unmarked, unknown Bb box would be a waste of time (aka money) if I were a builder of my own line of accordions! Now if it was a "C" Dave could be playing the thing this week-end! (with or without the repaint job)

And let us remember that beauty is only varnish deep! It may play and sound fantastic! (still a tough key to play and learn in at any local jams)
cb