I think it depends on the Cinelli. With no decals, and poor paint, it's worth less to me. If I can get period-correct decals, and get it painted the same color and apply decals, doesn't bother me a bit, but some collectors like patina and don't want alterations of any kind.

If I'm going to ride it, I'm not worried about value, so a repaint would be on my list, in red, and new decals.