Does anyone have experience refurbishing/reusing/reclaiming a wardrobe trunk?

We have inherited this beautiful old wardrobe trunk that looks very much like this one:
http://www.ebay.com/itm/VTG-STEAMER-WARDROBE-TRUNK-DRAWERS-HANGERS-VELVET-1900s-/360428782221?pt=Antiques_Furniture&hash=item53eb3ac28d#ht_500wt_1375
but it has a few more dings and paper peeling problems as well as a musty mouldy smell. I want to use it for storing linens and silverware in the kitchen. After reading about restoration online, I am thinking that peeling off the fabric lining, giving it a wash and a sand and then a non-sealant coating of a wood-loving wax might be the best and most attractive way to go.

Anyone have any tips, tricks or advice they want to share?

We aren’t keeping it in original condition for value sake. We want to make it into a piece of furniture we use.