I don't have any rules, per se, but there's definitely some subconscious calculation going on somewhere in my mind that tells me when not to refurb. If the lizard brain doesn't give me the stop sign, then it comes down to what makes me happy. Generally, if a bike looks good from 10 feet (and I'm guessing yours does), I don't feel like I need to do anything, but quite often I decide I want to. I like repainted and powder coated bikes more than the average person on this forum.

A few random comments....

- Rust is not patina -- It doesn't add to an old bike's appeal, and it is more than just an aesthetic problem. The amount of rust you've got there isn't really a problem, but if you take care of it now it'll be easier than it would be further down the road.

- Red is great for touch up -- There are lots of shades available, and chances are very good that you'll be able to find or mix something that blends well with the current paint, especially in areas like the bottom bracket that you hardly see anyway.

- Sentimental value is real value -- The bike may not be worth much to anyone else, but it is to you. To me, this means that you get the best of both worlds. You can justify spending money on it because it's a bike you love, but you don't need to worry about offending the purists.

- Refinishing let's you enhance -- If you decide to have the bike repainted or powder coated, it'll be stripped down to bare metal. This is a great opportunity to do things like adding a second set of water bottle bosses, or a new fork, or a pump peg, or whatever else you might want.