You should scan your photo at resolution of 300 or more. The higher the better. GIF and JPG are compressed (lossy) files and should only be used as final product if it's for the web.

Since I only had a jpg to work with, the final results aren't very good.

• Image > Mode > Grayscale (since the only real color is the red that you want to get rid of
• Image > Adjustments > Shadow/Highlight .. Put shadow at 100% and repeated a 2nd time at 100%
• Image > Mode > RGB
• Filter > Sharpen > Unsharp Mask
• Zoomed in to spots with lines and use Patch Tool and/or Healing Brush Tool
• Image > Ajustments > Photo Filter and selected Sepia from filter menu pulldown to give aged color to photo.

There are many ways to achieve a quality restore and some are quite involved. This was the easiest to explain.

BTW the tinker key is next to the any key ;)