I'd also keep it as it is. I love when an old bike looks... old. And used.I've only just noticed this old thread. Glitterguts UJ9774 (with a different motor) is alive and well in NZ. No longer red and no longer glittering but running nicely and being enjoyed. I haven't been able to track down the current owner of the original motor (V1005) but from the notes I got with the bike it was in a bike in Switzerland. The current motor is ex the Harold Pass Morgan racer.
The bike was built up by Tony Wilson and came to me via Jeff Smith. It has TT forks and brakes as specified in the original works build sheet.
It looks very well-used and has nearly all the correct bits on it. While it would be an easy restoration I intend to keep it looking as it does now.
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There was a three or four pages article on Glitterguts in Classic Bike back in the very early 90's, possibly 1990. I have it somewhere, I can dig it out if needed.
Cheers.