Call for Input

I have this lovely table. It was $35 at a thrift store just when Patrick and I went to the thrift store looking for a table. It is sturdy, has three leaves that extend it to about 9 feet, and mostly solid wood. Mostly meaning all except the top layer. There is some sort of material on top that I think might be formica, but I have never had formica pointed out to me in person before. The table top just looks like pictures of formica I have seen and it doesn't seem to react like other laminate is supposed to react to attempts to iron it off (it doesn't work).

The paint on the edges of the top. 

Blogger thinks this picture should

go sideways, and I don't know why,

so I can't fix it.

I like this table in a lot of ways, though I must admit it may not be my number one pick of style if given lots of options. The main problem I have with it is that it apparently had a previous life as a craft table, and it shows. There are little bits of paint splattered all over the wooden parts. The formica, or whatever it is, is mostly free of paint, except one of the leaves has a bit of gold metallic paint on it. But now the question is, how do I refinish this table?

I know I can't stain the top and I am pretty sure I can't paint it, though it is true that that gold paint doesn't come off, so something must stick. Also, even though I think real wood is prettier, this coating is perhaps more practical for a dining table; it seems virtually indestructible. The top of the table is in good enough condition that I wouldn't have to do anything to it, but the edges of the table top that are wood are probably the worst looking part of the whole table.

I have many ideas and reasons for and against each. Some of my ideas are as follows:

fantastic brown paint drip all the
way down one leg.

1) Sand the legs and the edge of the table top. Then, try as best as possible to match a stain to the top of the table to use on the whole thing.

2) Sand as above, but then choose a much darker stain. This would make the center of the table a lighter color than the rest of the table, kind of like an inlay, except not really at all, especially since the lighter stuff will be up higher, not even with the darker stuff.

3) Try to match the edges of the top, like in option one, but paint the legs white or some other color.

4) Remove the entire top of the table, including the leaves. Straighten the legs (they are angled out) and add a new, rectangular top. Build new leaves as well. Then, stain or paint the table as I see fit.

I have been pondering this for many months, so I decided to open it for discussion to anyone who wishes to put in their two cents. Let me know which of these ideas you like best, or offer your own.