The same quandry is all over the auto industry with hot rodders and restorers.
So, make it a hot rod or restore it.
Use is what it's all about.
Personally, I think the word "respect" needs to be included, in our appraisal of what we should, or should not, do to an old bicycle.
I agree with reversible modifications. I agree with cosmetic replacement when replacement is warranted. But I do not agree with destroying the original state of an old bicycle just because you happen to own it. In this case, the word destroy means irreversible modifications.
But that is just me. I will repair, but I do not modify, frame sets. I have, however, been known to over polish a component or two. Is that the same thing? Perhaps it is. Oh no:-(