There's something to be said for not restoring an old machine. All the years of use and neglect it has suffered show up in the wear patterns. As an example, consider this 1922 Harley-Davidson which recently appeared at a vintage car show in my town (its owner rode it in!):
1200 cc's, 18 horsepower, it was original and complete, with all accessories in full working condition:
Who was "W A W", and what adventures did he experience on this ruggged steed? The owner didn't know, perhaps that is just as well.