My restoration preferences are as follows :
(0) The first rule is: PRESERVE YOURSELF FIRST !!! Always use modern safety items, e.g. teflon cables and larger brake pads. Remove "death stems" (AVA) and "death forks" (Viscount) and other "death parts." Save original components for a bicycle show.
(1) Restore with original components or close relatives. For example, select Huret Svelto rear derailleurs ($10 steel) if the Huret Jubilee ($80 aluminum) is out of your price range. Some OEM parts are still available new, e.g. Brooks saddles, Tressostar tape, DT spokes, Mavic MA3 (although Torelli Master rims may be a closer match to Mavic MA2 of yore.)
(2) Restore with period-correct LASTS FOREVER UPGRADES, if available, e.g. Chris King headset (peter white cycles), Phil Wood bottom brackets and hubs, Suntour Cyclone (or better) derailleurs (upgrades most campy derailleurs.)
(3) Restore with modern descendants of the original parts, e.g. SACH chains, MAVIC rims, Veloflex Tires (replaces Vittoria and Clement of Italia), Modern Campagnolo (Chorus most likely), TA or Stronglight cranks, etc (www.xxcycle.com).
(4) Restore with modern "Keepers of the Flame" parts, e.g. replace those Cinelli Giro D'Italia handlebars and 1-A stems with Nitto pearl stems and engraved bars, since Cinelli was grievously ruined soon after it was purchased by the Columbus tubing company !!!
- Don Gillies
San Diego, CA