My Philosophy
There are many ways to go about gear restoration. Some people prefer to stay as original as possible, some want a museum piece, some just want the convenience factor. I tend to find the classic car analogy fits well. I want to preserve the essence, have something enjoyable to use, and maybe include a bit of convenience or improvements while I'm at it. Everyone has a preference and I'm happy to do whatever work a customer asks for, but with gear I own or sell, this is what I do.
Capacitors: The Electrolytics have got to go. If I'm going to open up a piece of gear that's over 30 years old, I'm going to change out the caps. Electrolytic capacitors have a finite lifespan, they dry up and don't perform as they did when they were new. Some people may call it a "vintage sound," but I believe the real vintage sound is these stereos performing at their very best, how they were intended when new (or better!). You wouldn't want to drive around on 50 year old tires and belts would you?
Other Electronics: Resistors, diodes, transistors, etc. don't follow the "always replace" rule, as they don't wear out in the same way. I don't go looking for problems to fix, but these parts are replaced on an as-necessary basis, or when a particular unit is known to have failure-prone parts.
Bulbs: LED's are all the rage these days, but I approach this on a case-by-case basis. There's no doubt they don't run as hot (always a benefit), and they'll last a lot longer, but sometimes they just don't look right! In the end this is up to the customer, LED replacements are almost always available, but for some amps such as Marantz, some Pioneer, and others, I'll stick to the Incandescent. I always put a fresh set in either way, and if it goes out in five or ten years, it can be replaced! I've never yet had a new incandescent burn out on something I've worked on.
Cleaning & Cosmetics: It's not worth working on something if you're not going to clean it out. Even the best kept units have a bit of dust settled, and many need a deep scrub. This includes pots, faders, and switches, which always get cleaned and re-lubed internally. While I don't do a full re-veneer, I always clean and treat the wood with natural beeswax.
Modifications: While I like to stay true to the spirit of the original design, there are sometimes modifications that are recommended due to new discoveries, better parts available, or the ability to improve on a companies original cost-saving measures. I include these in my builds, as I want every piece of gear to perform to its highest potential. For customer restorations I always recommend this as well, but am happy to restore more closely to factory specs as well.
Other considerations: For those few who want to know, I tend to prefer Nichicon Capacitors to replace Electrolytics, as they have a broad range of Low Leakage, Low ESR, Small Size, etc., but I will always choose the right part for the job regardless of the brand. Along with Nichicon I find myself often using Elna Silmic II, Cornell, and Vishay. For Film Caps I use Polypropylene WIMA, Panasonic, or Kemet caps when possible. PET when size is a restriction. In some situations I will replace signal path resistors with Metal Film Resistors, but this is usually in special circumstances.