If you like the Waterford, keep it and have the work done during the season that it is cheaper. I would think that it would be difficult to sell the Waterford and get a new frame that is the quality of the Waterford. Maybe you could find a used frame, but it is highly unlikely that it would be as nice as a freshly painted Waterford.
I bought a new bike instead of upgrading my Schwinn Paramount manufactured at the Waterford factory. But it was cheaper to buy a new bike.