I'm sure this guy road his cycle after the olympic event, probably a lot, maybe well into the 80s/90s which could explain the parts changes.. and the decision to get it repainted. Stuff is going to wear out eventually even if you do baby it. The Paramount still looks great and is mainly period correct so I don't see the big deal.

Keeping an old bicycle (especially rarer ones) original is never going to be easy, some of those original parts you need could be impossible to track down, and the cost for them if you do find them is usually sky high - I see what all that old campagnolo stuff sells for on ebay, its not a very affordable hobby.

I don't like museum pieces, and I think any and every bicycle should still be ridden. Now im not saying take your mint condition 50s/60s racer out in the snow, but the occasional sunday spin won't hurt!