Usually they AC fails because all the refrigerant has leaked out, and the low pressure switch prevents the compressor from activating. The only reason I would bypass the compressor is if it or its clutch is jammed. Try to turn that pulley to see if it spins freely. If not, at least that has to be replaced. If it does spin freely, you can try activating the clutch with some jumper wires and then try to turn the compressor itself. That would tell you if it's jammed or not, but it won't tell you if it's still working.

But if you're going to restore the system, you probably don't want to take chances with any components that you don't know about. So I would replace replace your wish list items. As for the others, I'm not sure what a pancake filter is. I would take apart the lines and flush them, and look at the orifice tube to see if there are any crud that come out, especially trapped in the orifice screen. If so, chances are there are there are crud in the condenser, which can't be flushed, and probably should be replaced. This is more likely if the compressor had jammed up or otherwise disintegrated.

I dumped mineral spirits in my AC lines and blew them out with compressed air to clean them out. Any new compressor you get today may be preloaded with lube for R134A, so if that's what's in your system now, you're all set.