The Holdsworth is fully apart now and individual parts are being inspected cleaned and repaired as required. The crankset cleaned up nicely and looks like it is in decent shape. The TDC headset is likewise in good condition although seven 5/32 ball bearings may never be found in my shop. They were so dry they dropped and flew all over.
The TDC bottom bracket was in good shape other than a bit of internal rust marking. The cardboard sleeve looked like it had held water at some time and was a bit soggy. Not the best material for the purpose.
As most or all of the bike is intact and not worn, I'm leaning towards not modifying it.