A 1949 bike in this good of shape should be kept original as possible. Someone has kept it this long, you should too.
You will live to regret getting rid of anything that is original, especially the mudguards.
OA them and touch up the paint, you will thank me for telling you this.
You are allowed to replace grease & oil, cables if necessary, except the SA shifter cable, tires & tubes, and that's about all.
Really a great looking bike Norm, have fun with it.