So your premise is: Pure preservation isn't worth it because of the paint job, making irrelevant any attempt to restore to original, period-correct?
yeah pretty much.
haven't seen the bike but in general a monark rocket doesn't tend to be a rare or particularly desirable bicycle, so if it had anything really going for it original condition would be it.
you'd be terribly upside-down with a "restoration", just do what you want with it and enjoy it.