For what it's worth...or not worth, I wouldn't touch the paint. It's got a great patina that couldn't be made to look better (to me, anyway). I would deffinately drop it just enough to fill the wheel wells. Most all cars look better lowered at least a little. You hardly ever see a prototype or new model show car that isn't lower than the actual production car. They just look smoother, racier, sleeker, cooler... The only thing that would keep me from lowering this car a little would be if I could afford a full-blown "Pebble Beach winning" restoration. If you do anything or nothing, it's still an awesome little car. You may not want to put an expensive paint job on it because I'm pretty sure drool leaves a permanent mark!