Both you and Phil make some excellent points. I try to make the viewable part (top) of the chassis as original appearing as possible. This includes replacing can-type electrolytics with new production jobs from Tom Farland at Hayseed Hamfest. These aren’t cheap, but Tom builds them to order with quality innards. I don’t trust 40-year-old “N.O.S.” filter caps, whether or not they have been reformed, as I have been stung by more than one early failure.
Underneath the chassis, however, anything goes as far as I am concerned — especially new production orange and green dips from JustRadios.
And if the set in question has a potentially nice wood cabinet in need of a refinish, then strip off the old lacquer, stain it to taste and reshoot with new piano-grade lacquer. Just try to avoid polyurethane from a rattle can.