The first step would be to have a repair appraisal done by a local shop if there is one near you. Most likely, it will need a pad job if it hasn't been played in some time. Most good shops will do a student level pad job for $450-$550. It may need other repairs if there is damage present or past damage repairs. This can usually only be seen by inspection.

Unless, you just have money to throw away, don't get sucked into someone telling you that you need a professional overhaul on this saxophone. A professional overhaul involves a lot more than a student pad job and includes precision key fitting, precise tone hole leveling, and custom regulations. A professional overhaul can run anywhere from $750-$950 depending on the work done and materials used.

You sax is simply not worth that much money. Quite honestly, the key mechanisms are rather antiquated so even with precise fitting, it will still only feel as good as the mechanisms will allow, which on this horn will not be all that great anyway. If you put a basic $500ish student pad job into it, you can expect to get about $500ish back out of it if you decide to sell it. 

If you don't have a local shop you feel comfortable with feel free to give us a call at Saxquest (314) 664-1234. Other national shops to consider include Tenor Madness and PM Woodwinds. 

Cheers,
     Mark Overton
     www.saxquest.com