Given the date stamp in the first picture, I wouldn’t be surprised to find the ply is made from alder, which is an invitation to woodworm.
Removing the rusty screws certainly time consuming, but is it too good to throw away? If the infestation is worse at the rotting edge, I would be tempted to carefully cut through a couple of shelves up, possibly drill holes in the corners of the ply in a row, go careful with a jigsaw. Then hacksaw or grind the screw stumps away before covering with new ply.
There is a time commitment, if you want that sort of compartmented storage, how long would it take to make, or how much would you spend in somewhere like ikea?
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Some things are not worth saving…fuel for your new stove ?
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I bet Drew Pritchard would agree with you, however this fine example of exquisite vintage cabinetry has regal provenance, i would firstly need to ask Her Maj if it’s okay to incinerate it… along with the royal termites.
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Yes Ma’am
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1955, what a great year. 
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And November of 1955 was a particularly good month in a good year!
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Elvis makes his first TV appearance
Steve McQueen makes his Network TV debut
“Scrabble” debuts on board game market
Anthony Eden succeeds Winston Churchill
Johnny Cash debuts top ten country song “Cry Cry Cry”
Walt Disney’s animated film “Lady and the Tramp” released
Fidel Castro smoked a big cigar
UK first TV add - SR toothpaste
24 year old James Dean is killed in a car crash
“Alfred Hitchcock Presents” premieres on CBS television in the US
Black Ealing comedy “The Ladykillers” is released in the UK
Barbra Streisand’s 1st recording “You’ll Never Know” at age 13
A little Pete The Painter is born in Australia (?) 
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Spot on in the middle of a huge heat wave (late January) and a weekend that was famous here for 2 fatal shark attacks. My mother still to this day says it was sign. 
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And so you should be, what a stunning piece of kit 
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