^^^ Sir Patrick is correct. Keep it. Do not sell it. Spend time looking at it. Look at it again. Close your eyes and imagine it built. Do not sell it.
Ok, you did ask what I would do so heregoes-Use all the original parts that came with it & try to source a correct crusty fork w/truss rods. Low mile Shelby-specific clean headset cups. Crusty long moto bars positioned flat with ball end grips, t-8's/10's or older pedals with the patina heavy(must have perfect axle/cones/cups) New Diamond chain. I would(some disagree) lather it up and down with boiled linseed oil to protect what is left, then wipe all traces of oil away/polish it off. Clean the drivetrain , lightly clean the crankset plating and then find perfect cones, cups and bearings. Leave the bike stripped(roadster) with no stand of any kind. Wheels? Sky is the limit. Hmmmmm. You will know what to do if you keep it.
Thanks for your suggestions.
Original fork would be first choice. Only one I've found to date was more than I paid for frame, but a) have to pay to play, and b) I'm in no rush.
I hadn't considered Shelby cups would be different - good to know. From what I've seen, they are toast. On my shopping list.
I'm a fan of moto bars. The short ones on my Simmons feel good, but I'm also running a lucky 7 post, so long with a straight post would be good. I can always change it if I don't like it. I like the ball end grips suggestion as well. My dreaming hadn't gotten that detailed.
For pedals, I was thinking the very early rat trap TOC style, if I can get them in 1/2" thread. But I do like the feel and look of the T8s I put on the Simmons. I've got repro T10s on the SK, and don't like them as much. I do think that might be psychological - as in deep down I know I'm riding repros. Anyway, can never go wrong with Torrington. The ones on my Simmons are actually not ratty enough for that bike, in my opinion. I have the unknown pedals that came with the Shelby, which I want to refurbish at some point. Maybe I'll make that step one. Even if I don't use them on the Shelby or Simmons, I'll have a working set of '30s pedals, which is never a bad thing.
I have a fairly nice, but not new Diamond chain which should fit. I bought it for the Simmons, but it was a couple of links short for the 28" wheel frame. Should be fine for this.
I've recently become a huge fan of boiled linseed oil, and happen to have a lifetime supply (quart). That's a no-brainer for me.
OK, pedals will be step 2, crankset cleaning will be step 1. Chainwheel seems like it will clean up nicely, and I'll have to see about the crank. When you specify light cleaning, are you thinking an immersion (OA, Evaporust, etc.) or chrome cleaner, 0000 steel wool, something like that? I'll have a close look at the existing cups, cones, bearings. They didn't look bad, but they are still soaking in Kerosene - I haven't actually inspected them yet. Otherwise, on my list. Are they Shelby specific as well? You didn't specify, so I'll assume not, in which case finding replacements will be easy.
I'm with you on stripped. Obviously no drop stand, but I was thinking of using the kickstand which came with the Simmons until I found it wouldn't fit without shaving some metal from it. My SK is a leaner at the moment, and I'm getting used to it.
I've been all over the map with regards to wheels. They could be the cheapest part of the build, or the most expensive. And that depends on how I'll use the bike, which right now I don't even know. It looks rad on the 28"s, so I was thinking 700c clinchers with a 38-40mm or so tire. Initially, I was thinking this could replace my lightweight, and was thinking Nexus 8 roller brake, and a drum hub for front. I like the idea of the Nuvinci N360, but they are not easy to find used, more expensive, and I'll probably end up having to use a disk brakes. I see there are bolt on caliper brackets so I can keep my original steel intact, but disk adds cost, and if I'm looking to keep the bike stealth, well they will out me. Then again, I'm already adding three cables with internal gearing and hand brakes. But I think those additions will invite me to ride it more, which in turn more than pay for themselves. When I'm out with the kids, I pull a trailer, which is about 100# loaded. I do need gears for my all purpose bike. If I'm starting from scratch, I should build the most versatile bike I can, right?
You didn't mention seats. I love the look of early spring saddles. But they are so HEAVY! This frame weighs 7.4 lbs with the cups. Not the lightest, but I have a 24" electro-forged Schwinn "lightweight" frame which weighs 8.2 lbs bare. And that's the type of bike I ride every day. So I'm thinking keep it on the light side with an English leather saddle. Not the most imaginative choice, but it seems to be the obvious choice. Then again, what's a few pounds when exercise is part of why I ride?