Doing a complete refinish on an old Kay is a LOT of work- likely more than you can imagine, even for someone with very good skills. Having been there in the past, I can comfortably say that if I didn't like the finish on my old Kay, I'd sell it and buy another with the finish I wanted. Even if it cost me $1000 more, I'd be far, far, far ahead of what it would cost me in time and energy to do a proper refinish. Most of the time a refinish does not come out as well as planned and the value of your instrument actually drops.
Even with having very good finishing skills and know as "that dork with the finishing video", I'll admit that I turn down 90% of the finish work that is brought to me, in favor of the much easier tasks of rebuilding basses that come into the shop in a hockey dufflebag, busted up in 100s of pieces from a car wreck.
On a side note, there is a pretty cool finishing workshop coming up this July in Seattle....
j.