Dresser Distress

Hello ladies! I need help!  Our bought-out-of-college dressers are falling apart after ten years and we need a new one.

What I really want to buy is this beautiful handcrafted St. James 11 drawer dresser from Restoration Hardware.

But, since I'm having trouble committing to a house style right now, I am not ready to commit to an expensive dresser.  So off to Craig's list I go.  I have been searching for several weeks now, and yesterday, I came across this solid wood, well-constructed dresser (for $80!):

I think it has big potential, but I've never done a furniture renovation before.  Luckily, my sister has all of the equipment I might need, like a sander.  I am open to any kind of style really, as this will have many possible locations in the new house - kid's room, guest room, living room... Do you think I can pull off getting that natural look of the RH dresser above? or should I go with a bold color? or a neutral so it can be more versatile? Can you help a sister out with some ideas and tips?

P.S.  By the way, I think I just realized my inspiration for this is Blueprint Bliss's new project.  She just bought this great campaign dresser, and I can't wait to see what she does with it!

Even if she goes neutral, I love how BOLD this green inspiration picture of hers is.  She got it from Little Green Notebook via Lonny:

P.S.S.  I also just realized that the only reason I am crazy enough to believe I transform something like this into something beautiful is because of Fresh Paint Fridays at Life in the Fun Lane. 

I will either thank you or blame you later!