quicky

Hi
I just got a super-cool Eddy Merckx Century bike. I think it was made between 1986-1989. I have a lot of questions on how to take care of my new baby.
I do want to make a good attempt at keeping the bike "original", but am not going to kill myself doing so. I do have a limited budget.

Most of the components are Campy. Maybe record (that is what the seller told me) but I don't know bikes or components at all.

Lot of questions:
1. currently has Look pedals on it. My wife hates that type of pedal clip system and thinks I will crash and burn if I use them. I am very old school- always have had good old toe clips. Would these pedals be original equipment? Any way to go back to a toe clip system or would that be a real dumb move.
2.A few paint chips here and there. I am not interested in repainting the bike whatsoever. Should I try to find touch-up paint (will be difficult) or use some sort of clear sealer (not hiding anything, but protecting frame from corrosion) or do nothing.
3. Looks like it needs all new cables and housings. The housings are black and beat-up. Would like to get red housings, is that a major mistake?

Would love to post a few pics, but that is way over my head computer-wise.

Thanks