To me, a lot has to do with what you want the bike for. Do you want a period-perfect piece of wall art? Don't touch a thing. Do you want to be able to ride it anytime, anywhere? Then do what it needs to make that happen. Is the paint shot? Get it painted. You love the way it looks now? Don't get it painted. At the end of the day, it is an individual decision.

I loooooove looking at 1970's era classic steel done up in NR or SR componentry. They make my little heart go pitter-patter. But for where I live and how I ride, they are useless as riders - a 42x28 low gear just is not going to get it done. And modern brakes work better - they just do. So I have classic lugged steel with Shimano 9-speed with barcons (on one bike) or Campy 10-speed with brifters (on two others, and another on the way). I ride 'em all, and can ride where I live because I have either a 26x26 or a 30x29 low gear on them. Some probably I am a heartless Phillistine. They may be right, but I don't much care.

As for "value," very, very few high-end bikes are sound investments, and they weren't meant to be. Any work you decide to have done or not have done should not be made with the idea of maximizing your return unless you have the bike solely for flipping. If your plan is to ride it, make it a bike you want to ride. After all, it's your bike, not ours.

Of course, if you do something to it any of us don't like, we will point and laugh at you, but that really is about as far as it goes. All I ask is: Please don't hack anything off. Otherwise, make yourself happy.