Could this dial be cleaned up?

The seller stated that it might be degraded laquer.

Can a dial this bad respond to cleaning, perhaps with a mild solvent?

I'm not too enthusiastic about investing even a small amount in one this far gone, even though its in running condition, so its more an academic question.

If anyone has before and after pics of restored or cleaned dials I'd like to see them.

PS any theories on how this watch got in such a shape? I'm thinking flood damage or lost in the water for awhile.

There's no way that's just lacquer damage. The minute hand is affected. Most of the numerals look rusted.

Running condition doesn't mean it works. Just that the hands move for a while after you wind & shake it.
I think it is water damage, too.

He's dead, Jim.
----Bones