FWIW, Jim Cunningham tells a story on the Cyclart website about how someone once sent him a nice Frejus that he wanted painted all black, all the markings taken off, etc., so he could use it as a stealth commuter. The east coast dealer who sent it said the owner was adamant about it, that if Jim C. didn't do it he'd just get someone else to do it. Jim C. said he took the headbadge off the bike, totally restored it, put it back on the bike with original-style rivets, then returned the bike and deposit to the sender.

I'm not sure what the significance is except that here was a case of Jim C. restoring only the headbadge because he didn't want to deface the bike. One supposes that if he'd been asked to restore the bike he'd have done the headbadge too.

Then again, some people don't always agree with Jim C.'s decisions.