Ungewichtet,
Yes, material - a thin black fabric - was finished. It had lived its useful life. The visible portion of the pieces remains, and will continue to remain, intact.
I was using them last night and couldn’t shake the thought (given their well worn condition) of how many hands, eyes, brains had been entertained with them - and in what circumstances…. That’s the magic of old sets vs. new ones.
Removing the pads? Why, they looked like new! Oh, the nice colour scheme. They need to make their special scratches on the board! --But, you knew the story and decided to refelt, and beautiful life goes on. Keep them blue felts in a jar for me, will ya?