2. I can't seem to tell if it has lacquer or not (whether or not it's laminated). Can someone tell? (see picture link below)
I would bet heavily that table is finished in lacquer. If in doubt rub some lacquer on it with a cloth. The lacquer will begin to dissolve.
There are many ways to safely strip and refinish this piece. If you are an amateur, I would suggest picking up Formby's refinisher and just follow the directions.
3. Is this table worth the bother or should I just throw a tablecloth over it? YES. It is really not hard to do, and it would come out beautifully.