[Jamie]

Most of my woodworking experience is relatively basic stuff like building and finishing speaker cabinets. I have no experience when it comes to resurrecting old furniture.

Does the cracking finish in the first image necessitate stripping down to the bare wood?

It all depends on what is acceptable to you. You basically have three choices here..

1. Leave it like it is.
2. Use a "restore" product.
3. Strip it and refinish it.

I've had good success using Howard's Restore-A-Finish on cabinets like yours. The question is whether it will repair the cracking in your finish. In my experience, the odds are 50-50. Sometimes it works, other times it doesn't. It's worth a try and it won't hurt anything. If you try it, use some #0000 steel wool with it on the tough spots. Most antique malls sell Howards.