Rich, now that this thread is stickied, is the intention to keep adding examples? Stick with this image or use others for examples?
The reason I ask is that I had been working on this image (got a late start due to the death and funeral of an old friend). While my workflow, arrived at independently, is very similar to Tony's, there are differences. As Tony correctly observes, there are many ways to accomplish the same thing within the vastness of Photoshop. My experience is that, when dealing with severely damaged old photos, the more tools in your toolkit the better.
Also, if the intention is for this thread to be an ongoing thing, then the question of additional examples using additional images comes up.
Since I started the thread, perhaps I get a voice. I would love to see an alternative procedure leading to a similar result, just to broaden my knowledge. But unless an additional example illustrates something distinctly different, I would prefer to stick with this one which I think covers about all one should need relative to restoring old photographs. And threads like this tend to get so long that no one knows where to start reading.