That looks great in my opinion, If I could get anywhere near that I'd be chuffed. I only paid £50 for the bike so I assume it's not a great bike but I bought it with the intention of getting it looking how I'd like. It came with one of those mirrycle mirrors and some mud guards when I bought it, so I took the mirror off and changed the cables but I have no Idea how to take apart or put together a bike so It'll be a challenge for me as I have lots to learn. My frame actually looks in good condition (to me) but I'm like to brighten it up a bit. I might even try to track down some decent decals.
In my humble opinion, i'd T-Cut the frame, change the bar tape & maybe the saddle to add some colour, those new tyres will enhance it and maybe source new decals - HLloyd http://www.hlloydcycles.com/
is probably the best man for this - he may well some original decals or can make some up in any colour you want.
By the way, the fun is in the learning, plenty of help on here as this is where i've learnt most of the bit I know.
Rick Powell 753 Track / Ribble Gran Fondo / Colnago Asso / 1975 Harry Quinn TT / 1990 Concorde Prelude / Vitus 992 / Keith Coppell Lo-Pro / 1986 KAS Vitus 979 / 1995 Mercian Strada Speciale / 2011 Raleigh GAC Militis 3 ex Graham Briggs / 1995 Ribble 7005 / 1986 Alan Super Record / 1985 MK1 Vitus 979 /
On the bench: Sirius 853 TT / Sun Solo Chrome / Ciocc Designer 84 / Giant TCR0 Pro Compact / Ribble 653 Tourer / Daccordi Lo-Pro / Look KG96 / Bottecchia Equipe / Look KG231 Credit Agricole / Contini Grand Prix / Aende Lo-Pro / TVT / Langdale 653 Pursuit /