+1 to not repainting. Paint looks to be in great shape for its age, and it's a lot of work to repaint. Not worth it in my opinion. The bike as a whole, however, is worth the investment in new rubber, cables, hoods, tape, etc. I have an early 70s Cilo (albeit a higher end model with Campagnolo & Reynolds 531 tubing) and it is a great rider--stable yet a great handling bike. Sometimes the geometry is as important as the tubing. I'm not familiar with your model. I suspect it was made in Japan under contract with specs from Cilo. Btw, you can use crane creek replacement hoods with those lever I believe. Depending on your market, the bike fixed up may only be worth $275, give or take $50 (at most), but I suspect it will ride better than other bikes in a similar price range.