If it doesn't look good I don't want to be seen on it. Doesn't have to be "as new", but should at least look "very well taken care of".
I would make exceptions for a bike w/ exceptional provenance - ie., was owned by Winston Churchill, ridden by Eddie Merckx in the '74 TDF, or a handmade Allez prototype.
So I would go on the restoration side. I also don't understand keeping poor performing components. Why do I want to pedal around with junk brakes just because "they're original" or never be sure of a shift because that RD is "my age"?
Just me I guess.
Don