This is a problem I myself have had to grapple with, 'cyclists' ARE the sort of people who do constantly when funds permit upgrade their machines to get the best out of them. Case in point I have a very nice James Fothergill from 1955 Grimpeur model I believe (originally fixed), it was repainted by Bob Jacksons in the 70's and 'modernised' at the time, I did intend to return it to original(period correct) using appropriate equipments that were available and frequently used at the time, BUT would I get the best ride out of it? I believe I would get a much better 'ride' out of it using high end Japanese/French equipment from the 70's (Suntour,Royal/Cyclone, Dura- Ace, Gran -Compe, Mavic etc)when it was updated by Jacksons, also it is far easier to get 700 rims and tyres than 26 x1/4" these days and the availability will only get worse for older sizes. I still haven't decided which way to go though!
Steve Chambers
Chesterfield
England