No track ends please.
I'm thinking of all those '55-57 Chevies we used to see with the rear wheel wells cut out for fat tires that now have new quarter panels.
All the vintage Gibson guitars that had the pickups replaced or at least the covers removed and now are "original" with repro covers.
The horizontal drops you've got give all the utility, they work with fenders and rim brakes.
If the paint is awful, sure, get'r done. But it's a perfectly useful and gruntling artifact as it is.
Though I'm almost always in favor of standard size tires and aluminum rims. Those are bolt-able parts.
It's already a town bike. Just needs restored and maybe upgraded.