If you are going to Restore a bicycle, do it and do not depart from original. But that is really expensive and not really wise for a bicycle that will be ridden on a regular basis. My opinion, of course.

That said and with that in mind, I like to restore a bicycle for Street Use. I do not like to spend an arm and a leg to get an old bicycle on the road. My guess is that your wife's Gloria would best suit her needs and interests all prettied and tuned up. So, were I you, I would clean and paint the bike anyway she wanted - with in reason, of course.

As for the patina, it is original but is it presentable? Only you (perhaps your wife will have a say also) can answer that question. For my money at this point in my bicycle Street Restoration career (never fully restored a bicycle), I would say that the paint is kinda far gone. But that is just me.