Does anyone recognize this chair? Please help ID  

most definitely worth the...
most definitely worth the time, effort if you can do it yourself, or the money. I would take care removing the fabric just in case underneath the original fabric may be in better condition having been recovered just as taste or fashion changed. I found this to be the case with a pair of Finn Juhl chairs which this is "in the style of". also has resonances with one by Robin Day for Hille, though this looks better. Am away at the moment but will look up in my Danish Chairs book when i return on Monday.

Thanks!
I really appreciate the info and advise! Based on your comments, I have just dropped the chair off to get new fabric and foam. I have decided on a dark grey fabric. I will post pic of the final result in a week or so. My upholsterer found that it is stamped 'made in denmark' on the bottom. This was revealed when the fabric was removed from the seat bottom.

your chair
your chair does not feature in Oda's Danish Chairs book. I think the groove in the arm is a good characteristic to focus the search on.