rhm

I would look at this as a process, not an event.

So the first step is to preserve everything that can be preserved, arrest any active rust, and so on.

Second step is to record everything. Photograph every decal, measure its location, and so on.

Third step is to get the bike into the condition you want it in, for the purpose you want it for. Make it into a finished project. During this step I would probably try touch up paint and that kind of thing. See if it helps.

Fourth step is to use it for whatever purpose you have the bike for, and to evaluate it on standards specific to that purpose. If it's a commuter, is it any good as a commuter? Can it be better? If it's a wall hanger, does its present condition draw the eye, or is it repellent?

I would start to consider a full repaint etc only after going through all those steps. In my experience a lot of people jump to the full restoration before going through those steps, and often regret it for one reason or another. But once I've gone though all those steps, I usually have lost my appetite for a full restoration.