The paint may "shot" on that, but the overall effect is still very nice. I think a restoration no matter how good, or how accurate, would end up being a dissapoinment for that frame

I say that having done similar, and wishing I could go back in time and have not.

This may be presumptious, but I doubt your wife really cares that it is a Gloria and would probably be happy with any vintage ladies frame with fresh paint job and some cool detailing? I understand her not seeing the beauty in this frame as-is, but that does not mean it should be altered to suit if there's other options.

But to your original question. I feel that restorations should be made to the level of the restorer, which is going to be a much higher standard than the original. But with that said the effect of the materials should be the same or close to the original. I do not want to see orange peel, but I do not want to see layers of clear either. Decals and striping should always be above the paint as well.