Different strokes for different folks. Some only collect 100% original, some want showroom new condition all original, some want to improve/modify the original. Oddly, certain modifications like adding Brooks saddles, and replacing chrome rims are universally accepted here without so much as a whimper.
Probably the hardest to swallow about bike refinishing is that reproduction decals are what they are, reproduction decals.
I have three frames that have been poorly spray bombed by prior owners, so I have no guilt in refinishing these frames.
1981 Miyata 1000 - material oxidation in spots, poor non-matching spray bomb here and there, faded decals.
1985 Schwinn Le Tour Luxe - spray bombed, no decals, missing headbadge. Correct Schwinn decals are somewhat unobtanium, but there is an Ohio vendor who has a pretty deep inventory at the Ann Arbor Bike Show every year.
CIOCC - spray bombed, no decals, only maker ID is on BB shell.
A local outfit will media blast and powder coat all three for $200 total. I'll probably go with a British racing green for all three, as it goes great with skinwalls and brown or honey saddles.