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Condundrum: Restoration vs Renovation

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T-Cruise

'Lil Knee Scuffer
Hoping folks can provide rational arguments for why I should choose to restore my ~early 40s Monark Rocket as opposed to modernize it. I am relatively new to the cult of classic bikes, but have a general and veteran appreciation for well made things of the past (houses, tools, art, rugs, etc.). Thus, I've some idea about what might be the arguments for and against. I am confident, however, others here have thought more deeply and intentionally on the issue and so might help guide my decision one way or another.

Although such a question is likely to provoke passions, I'm seeking principles, theories and justifications rather than ad hominem polemics.

Context: Although I have not finishing researching it, my recently acquired bike appears to have all original parts with the exception of the front truss rods, which were recently hand-crafted. The frame and parts are solid and in good working order. While I appreciate the previous owner's creative enthusiasm, it was given a paint job unsympathetic to the period that is not to my particular taste. Pre-paint pictures suggest it did not have much original paint left on it.

Here are the ideas I'm mulling, ranked in order of how I'm currently inclined:
  • Strip the paint down to raw metal, sand and polish to a chrome shine, and protect with a good 2K clear coat, reminiscent of those beautiful Silver Kings; add a repro/repop tank (it may not have originally had one as it doesn't appear to be the deluxe model and an original isn't in my budget presently); either keep original handlebars and seat (preserving the flowing lines of the bike) or replace with medium ape-hanger bars and a black banana seat, two modifications I found to make the ride more comfortable, powerful and agile; add a period-and-model-correct springer fork or springing truss.
  • Strip and repaint original colors and design, add/change nothing other than finding period-correct truss bars.
  • Strip and repaint to a color of my choosing, replace original handlebars and seat (but keep in storage) with medium ape-hanger bars and a black banana seat, add a springer fork or springer truss.

I presume--but not to constrain--the elements of discussion will include:
  • preserving and investing in long-term monetary value
  • monetary value vs. aesthetic value (which, we may debate, at least has some subjective determination that will yield differing views)
  • prioritization of preservation of historical accuracy and style vs. celebrating creativity and the evolution of style by melding past & present
  • purists' preservation sensibility vs. comfort and utility (I've found that the larger cruiser frame repurposed with banana seat and ape-hangers to be the most comfortable ride), pedaling while both sitting and standing

Thoughts?
 
I'm hesitant to post current pics as I didn't want to offend the previous owner, but will definitely share once stripped.
 
To sum:
Seeking rationale for various options on a ~41 Monark Rocket:
- Strip, polish, clear coat, add repro tank, springer fork, banana seat and apehanger bars
or
- Strip, polish, clear coat, add nothing
or
- strip, repaint period-correct, add nothing
or
- strip repaint any preferred color, add springer fork, banana seat and apehanger bars
 
I'd guess the general opinion on the Cabe would be restore to original. I figure any pre war bike that gets modified will eventually be a parts bike for a resto or to upgrade an original.
 
I agree with others in that if It's already been messed with.... repainted, etc. Then you are free to do anything you want without any moral worries about ruining something of historic value. The bike isn't a rare one, so even extreme customizing is okay. Make it your own, if that's what you want.
 
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