The case for no refinish gets stronger with ballooners, although a complete rust bucket still should be refinished rather than chucked. Ballooners are owned more often by COLLECTORS, and they hang over the bar downstairs or whatever. I ride my bikes, try to get to all of 'em every month, so they'll acquire a patina of their own before my untimely demise, maybe.
I have two Paramounts, a '73 and a 50th, both have been refinished, both at Waterford. I have a Cali Masi that was a complete basket case - an extensive modernization done in the early '80s, vertical shimano rear dropouts and a complete suite of brazeons. Jack from Franklin Frame set it back to original (well, I left the downtube waterbottle bosses on it) and repainted it. I'm thrilled. I ride it, and I like the ride. I have a Super that I am practicing on...they were all in danger of rusting away.
Hey Lotek, where da pictures of dat pog?