Moulton Deluxe F frame restoration.

After some hunting I found this rather lovely green Moulton Deluxe which I'm planning to restore to use as a commuting bike as well as taking on the Dunwich Dynamo this summer. It's a MkII, post 1965 with the slightly stronger rear fork. For a 51 year old bike it's in remarkably good condition, with most of the original components and just a little surface rust. Plans are to do the following:

1. Strip back to the frame, tidy up the rust, and then respray / powdercoat, decal & lacquer.
   
2. Replace the old steel / chrome rims with new 16"alloys, possibly from a brompton.
   
3. Reuse the old Sturmey Archer 4 speed hub and the front dynamo hub, however both are looking a looking a little tired and will need to be fully rebuilt and regreased. I may be better off replacing the rear hub with something a bit more modern, but also SA.
   
4. Replace the rather ancient original brakes with a modern pair. I have some long reach Shimano R650's from a previous project sitting unused in the shed which look like they may work, although they may cause issues with the mudguards. New cables all round.
   
5. Rechrome the chrome bits (mudguards, chain guard, stem, cranks, chainring, etc)
   
6. Replace the original straight handlebars with drops (not sure about this but do like the look of F Frames with drop handebars)
   
7. If the front dynamo works, then fit a new set of lamps. However I suspect that it doesn't put out enough wattage for decent B&M lights, so may not bother...
   
   

So, the question is - has anyone here restored a moulton? Am I doing this wrong? Should I be a stickler for tradition and keep all the original pieces, or am I right in building a bike that keeps the core of the moulton but uses (some) modern parts?

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