Great job on the tailgate. No bubba job there.
Some close-ups and other angles of the front and sides would be nice to see, if you have them.
As for the preservation issue, some WWII Willys MBT and Bantam T3 trailers are worth restoring but some are not. I question the value in restoring a trailer that will require hundreds of man hours and several thousand dollars and still not be a realistic contender in the lowly "motor pool" division at a military collector's show. Unless perhaps, it is a labor of love and that is a personal decision.
My experience with Bantam trailers goes back to 1960. At least two Southern California jeep clubs were fond of them. When I was 10, my family encountered a group of 6-8 jeeps from the Chuckawalla Jeep Club in the Borrego badlands, each with matching WWII surplus trailer modified with a canvas "chuck wagon" style top, some with tailgates cut in. (I've never forgotten that sight, and am sure it was the moment I contracted jeeping fever.) The other club, the Drifters in Pomona, used Bantam civilian trailers with lift-off hard tops that doubled as camp tables. My father bought one of those from the original owner in 1966, which is now mine.
I restored my 1946 Bantam T3-C civilian trailer. When I did, I spent much time designing modifications to make my trailer more useful to me, but which did not require drilling holes and which could be unbolted and easily swapped back to the original parts. However, I did not grind away some simple modifications made through the years by the original owner, and by my family after we bought the trailer in 1966. These are part of my trailer's history and make it unique.
As far as I am concerned, there is no shame in a well done resto-mod of vintage iron.