The frame is very nice. I wouldn't try to refinish, but I would try to clean and polish the paint with swirlcut or something with a little more tooth than wax. Does the bottom bracket contain French cups?

The World champion stripes are quite often misapplied, and so have less than 100% reliability. There are also about a zillion amateur competition classes, each providing for a world champion, and the possibility for a bike manufacturer to legitimately put the stripes on. Like, say, the 85+ men's class. If I live long enough I plan on winning that one. Put the stripes on my headstone, 'k?