Tim,
No matter which way you go, it should be a fun project. As to keeping it in its current state of decay, as the saying goes, ?I'm conflicted? (not that my being conflicted is your problem). If it were a completely original bike, the rust and paint issues would be "patina". On the other hand, who but the likes of us would know about originality? The two best things about keeping her looks as-is are much lower cost and short duration before getting her on the road again. It seems that the silencers are about the worst off in the rust category. I wonder if any baffling or packing remains inside of them or if that matters to New Zealand authorities. If you have a wife, I probably don't need to explain the worst part of keeping the current look.
Considering the down side of polish, I am comfortable in saying that my somewhat non-stock bike has a decent amount of polish and shine. I have come to realize that this confuses the general public who don't realize they are looking at a rare vintage motorcycle snatched from time unless they ask, and few ask. Either they aren't interested in any case, or they don't get their curiosity tweaked because the new-like appearance hides the history. I need a t-shirt that says, "THIS BIKE IS OLDER THAN YOU" or ?SHE?S AN OLD GIRL BUT SHE STILL RIDES NICE?.
Richard L.