Personally I like to fully refurbish everything both mechanically and cosmetically but that does increase both the cost and the time taken to complete the job...Discussions about the best or right way to do a bike will go on forever no doubt and there will always be different opinions.....
Basically, mechanical parts must be properly refurbished if you want to ride the bike and beyond that the level of finish is optional...
If you want to restore it cosmetically then it will take longer/cost more but that's a choice you might be happy to make...I've spent more on restoration than a bike is finally worth a number of times over the years but the key thing is I've done the bike the way I want it to be...
It's not all about money after all, assuming over time you can come up with it!!.. I'm doing it because I like old bikes, not as an investment...In fact I make a point of trying not to think about my bikes in that way. ...As most people have transport before they come across an old bike to restore the fact is no one really has to spend any money... We just do it because we want to....Ian
Lucky you!!!! Please email me. and I will send you two chapters of my book on the WD M20
to start your out right. I'll send you Frame Prep, and Frame Alignment gratis.