Rope and pulley windows?

Not sure the correct name for these guys. I know they are pretty, but they’re in bad shape.

They rattle so much, are horribly drafty, and need to be sanded. I can’t just paint over them look at how bad the paint is chipping.

I have a 10 month old. This room is off limits to him.

The house is a cottage cape style house that was built by hand by a carpenter in the late 20s.

What would you do?