Don,
I think you are right on the money. Frankly those folks who think there is only one set of components appropriate to a bike (unless it is something made by a Constructeur like Herse) must have an omniscience denied to the rest of us or be seeking to 'one up' other collectors with a philosophy so narrow as to be divisive and exclusionary. I think parts that are appropriate to the age and level of quality of the bike are fine. Who knows what the original owner wanted on this bike and perhaps put on it? After 20-30 years or more, it is a rare bike that has not had some changes made.
There are wall hangers and riders and bikes that are somewhere in between. None of these are 'wrong'. Then there are the things like tires, pedals, brake pads (which you did mention) that are part and parcel of normal replacement on a ridden bike. These things change often and sometimes constantly. How can one be right or wrong as long as they stay within the philosophy of the bike's design?
So many approaches, and most work. Sometimes we see something awful, like Speedblend tires on a classic, but thank goodness these seem rare. In the end, I take a shallow approach and go for looks. If it looks great, I probably will like it.
Tom Sanders
Lansing, Mi