That's almost always the case with the old adjustable BBs, they feel great with the cranks on....
You didn't give us a pic of the other side, but likely you will need a lockring wrench for the outer lockring, and possibly a pin wrench for the adjustable cup. (some use ordinary wrenches)
Most likely the spindle (axle) and cups are in OK shape, they're very durable. But once you pop the thing apart, you will need new bearings. They are not expensive, just be sure to take one to the bike shop for proper sizing.
I agree with the above poster; I kinda like that burnt-orange paint job. Distinctive!