I felt the need to do something, so pulled out an old frame that had suffered some water damage to the gesso. It was also covered with fly specks.
I got out my Amazing Mold Putty and Paperclay and proceded to repair those gaps like I did last fall. I then painted the frame with Antique Gold acrylic paint with Bright Gold highlights instead of the weird white hightlights of the original.
I had a little mis-registering of the pattern, but all-in-all I'm satisfied with the finished product. Now I need to order the oval curved glass and matting so gr-gr-grandmother can go back in the frame, but that will have to wait until I have extra money.