be aware that most of the paint will come off easy until you get to the last coat. then the real stripping starts. as for refinishing, if you like the wood just some wood oil or burnish it with wax. shellac would look good too if you're comfortable using it. i would'nt worry about coating the hooks, they'd look too new.

I kind of feel hoodwinked. When I removed the paint I found the birds were held on with philips head drywall screws. So this piece is not very old at all :

The scrapers worked well to remove the paint.

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final product, after putting some work into it am happy with it however am dissapointed that it was represented to me as an antique.

I don't think it's walnut, either. Sorry for piling on.
Looks more like birch, probably 1/5 of a 5-panel door ca. 1915.
Casey