Watch "Antiques Roadshow" more often. You will see that appraised value and collectability have absolutely nothing to do with what you, the current owner, can afford to do. This is why you see people always telling others to bag and tag the parts they are taking off and save them.

Of course there are gray areas between the categories the OP presented. I do not think wholesale replacement of a freewheel and/or chain or chainrings qualifies as a conservation unless they were replaced with OEM parts.

I'd say the repair and repaint are clearly a restoration. VVia these operations, you restored it to its original glory (original configuration).