Yes,this is certainly an extremely fine example of a gold Balinese over sheath and topengan, however, i would say it is a stretch to call this an extremely fine keris. The blade could be an old Bali blade or perhaps a Javanese one, but it is not very well made. It also appears to be gonjo iras (gonjo and blade are all one piece) which for me implies that when it was made corners were cut to lower costs. This is not the type of blade i would expect to see in this type of dress.Why they ended up together is anybody's guess. That being said the gold pendok and topengan are indeed beautiful and certainly worthy of museum display.
I believe the topengan is intended to be a demon, not a diety, ergo the fangs.
As Dave has suggested, you might want to remove the pendok and turn it around to the other side. For a minor restoration touch you could replace the material that is underneath it with a piece that covers the entire gandar. The wood of the gandar should not be showing through the carved floral work.
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