I'm kind of with you Charles, and your certainly right about the $1000 or more for restoration, given the cost of chrome work these days. My anal retentive brain would certainly prefer an impeccable, "as new", example vs. something this tatty, especially when the chrome is that far gone. And I agree, silver Cinellis do look crisp with fresh paint and chrome!
I think however, there must be something about seeing an old beat up relic that makes certain people get woozy and reach for their wallet. I can only guess that it's the historical authenticity and honesty of the piece. My point is that, from a purely economic standpoint, your probably money ahead to not restore an original bike, even a pretty bad one. Personal taste, of course, is another matter. My two Cinelli SC's (restored 1967 and unrestored 1969) are on Wool Jersey for comparison. My album is toward the end on about page 17 or so.
Jeff Pyzyk
Milwaukee, WI