Assuming that you are talking about the same piano that is in the post about painting a piano, the real problem is the laminate that was mentioned as being on the piece. The sound quality will not deteriorate much, but coming up with a paint that will stick well to finished wood and the laminate will be difficult. There are some adhesion enhancers that would help but these are a little expensive and will not cure the problems that will be much more visible with a nice smooth new finish. Removing and/or replacing the laminate with veneer would also be difficult. For what the piano is probably worth, I think that I would try to find a newer one in better shape. Sorry.
Henry in MI