At the moment, it's little more than a huge, space consuming decoration. An electrical hazard as well, what with it not having the jackplat for the input wiring. When it's used... mostly by the other bassist who uses it, the speaker cable (to my horror I discovered that until recently he'd been using an instrument cable) is just hanging off the wiring outside the back board.
As far as ownership, it basically belongs to my guitarist. He doesn't use it, as he already has an immensely loud peavey rig, and thinks it would be a good idea to convert it to a bass cab in order to get better use out of it. As it is, it seems that I'm pretty much the only person who cares one way or the other about this cab.
I'm pretty comfortable doing the woodwork, except that I don't have a way to cut holes in a new baffle board.
The plan is to leave the old speakers in the original baffle board so it can be converted back, should the need arise.
I've been leaning towards sealed only because that's easier and I really don't need low end extension at all. However, after looking at the pics of a 2000S cab that edbass posted, it doesn't look that complicated, so I may go that route.
It's somewhat beat up, yes. Missing screws, and the jackplate. However, it's by no means falling apart, the tolex isn't even ripped. It does need some work even if it were going to be used for guitar, though. As it stands, it gets used as a bass cab quite regularly (not by me, I've only used it once), and eventually the speakers are going to blow, if some aren't blown already. I don't know about you, but I'd rather it be a useful bass cab than headed on a path to being a useless albeit cool looking box, because that's what it's going to be if the other bassist keeps using it as it is.