I think this Alcyon is a much more complicated example. Is it one of a kin d or the only surviving example? Are there pictures or examples of it in i ts "original" original state? I.e., the way it left the factory? If not , then restoration wouldn't seem to be unreasonable. If there are mint e xamples, then the question becomes one of aesthetics. The Alcyon looks i ts age, and if that is the desired quality, then even cleaning would de stroy its appeal.
However, this bike looks much more ridable without too much alteration. T hat might require cleaning, if only for mechanical inspections. If it wa sn't to be ridden, or was infrequently or lightly ridden, then I'd hear tily agree with leaving it untouched and revelling in its beauty. Though , I also think it would be beautiful if it were repainted and made to app ear like new.
Steve James
Bronx. NY 10475