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@Rik_Van_Looy
I was planning to use black tresso and a bit of shellac on the bars.
(the discussion around bike ribbon etc was a digression on behalf of Chad who shares the same bar wrap starting point (grab-on sponge) - albeit on a bike that's 40 years newer than this one)
re: the "light touch" in the title, you needn't worry about butchering it, I've got a set of transfers from H.Lloyd which I'll apply once the frame's stripped and cleaned - apart from that I'm only planning to polish the aluminium, clean and regrease bearings, try and revive the stem chrome & lever hood rubber and slap a bit of proofhide on the saddle, I'll be add some toestraps, a new chain and some new cable inners, and that'll be it.