I recently scored a free 1974 Deelite Apollo 10 speed. As far as I can tell, it has all original parts, but most of the stickers have faded out and there are a few places where the paint has failed completely on the tubes.
As a project bike, would you consider stripping and painting the frame, or simply replace what needs done (tires, bar tape) and ride it as is?
My take: Ride as is if you can stand it, but there's no wrong answer.
I powder-coated a Motobecane of similar age and I don't regret it. The original paint job with hand-painted details must have been great, but decades of sun, rain, and neglect obliterated it. Restoration would have been starting over from scratch so I sandblasted and turned it into an electric blue beast of burden.
Somebody else can restore the original paint job 50 years from now. I'm just keeping the frame safe for them until they're done being born and growing up somewhere. It'll be waiting for them when they're ready.
Cheap powdercoating is one of my favourite things about steel frames. I can get a frame sand blasted and powdercoated for $150CAD. I ride my bike until the paint is damaged and I'm starting to get a bit of rust in spots- then pick a wild new colour, get some decals made and just like that I have a brand new looking bike.
Looks great! I'd probably opt for a rattle can job since I'm already putting at least $200 into new tires, bar tape, cables, and a seat. Just debating whether a rattle can is worth it over keeping it old school...leaning towards a cleanup and clear coat for now.