Faux Finish on Wood Paneling

Hi, I recently bought a house. It is was constructed in 1915 in an Arts and Crafts style. The front room has a faux finish painted on the wood paneling, which appears to date back to when the house was constructed. The finish in many places is cracked and marred in others. In other places there appear to be drip marks from either water or cleaning solution. Fortunately though, much of it still looks good.

Is there any way I can repair the damaged areas? I have asked many people, but no one knows what to do, except to paint over it or live with it as is. I would like very much to see it restored.