Originally Posted by
Ivandarken
So ask yourself this: Will some young person in the future covet that bike? If so, keep it original.
This is true, but more to the point, just KEEP THE ORIGINAL PIECES.
Anything removed with a dremel tool or a sandblaster, or put on with a torch or a spray gun, cannot be undone, but ANYTHING bolted on, whether it's a seatpost, or a bottom bracket, or a crank or a wheelset, or WHATEVER, can always be removed by a future owner, and restored with the original pieces you've kept on the shelf.
Putting on new pedals, a decent seatpost, and a working seatpost clamp will have basically no effect on the value of your bike, since anybody with a wrench and 20 minutes can remove them and put the old stuff back on.
Working pedals and a nice looking seatpost will make your bike a lot more fun for you, so put them on and go ride the heck out of that bike.