Ethical question

anyway, my plan was to do it up, renovate back into something road worthy, and fixed gear... aside from the stuck seat post/ stem/ cranks etc I wanted to know...

is it fundamentally wrong to have it re-sprayed with a different logo on it? will anyone notice? has anyone here done it?

Im a bit confused by this to be honest. I don't think its a question of ethics. You bought a shonky old frame from flea bay and you want to fix it up. Go for it. Who cares what anyone else thinks about your bike as long as your happy with it. What ever you do to it.

If it was me I would make a name up for it and get a local printers to do decals for it job done.

However if you fixed up the frame and tried to pass it off as something else for example back on ebay badged as, say a Hetchins, Dave Yates, whatever then yes that would be snide. Or not? depending on your outlook.