Could this be made fabulous?

I was searching for the perfect chest/ side table over the weekend and came across this piece.  Could it be made into something great with a few coats of paint and new hardware or should I keep looking?  I haven't decided yet.  As I've learned from my Mama, sometimes it's better to wait and think about for awhile.  Of course someone one else can come along and buy it before I make up my mind too! 

While shopping I also found this

What do you think, Sister?  Would you like it for your collection?