Restoring an old beauty.

So recently I found a bike in the barn behind my grandads house that he owns. He found no use for it anymore, and I noticed it was built with Reynolds 531 tubing, so I just couldn't leave it to gather more rust.

I don't have much info on the bike, planning on asking my grandad about it when I can. I know it was bought from a shop in Swinton a while back, so I might see if that is still going.

I have most of the original parts in boxes, all waiting to be cleaned, and I'm on the fence between;

a) Restoring it to it's racing glory, or
b) Putting an appropriate track wheelset on it.

I have some 1" Carbon forks knocking around, so I was considering sticking them on, some proper pista drop bars, and build up a nice wheelset, as I've got a campag front hub and a pair of nice rims somewhere.

Anyone ever owned one of these, or will help me decide what route to go down?

http://imgur.com/a/HZFD7

looks like an Ernie Clements, Google him.

Restore to race glory

I'm being tempted to, however I remember one of the downtube shifters being snapped, aswell as the cables. Never worked with gears so starting on this project is the only thing putting me off. Also the idea of all those brake levers and cables is pushing me towards the choice of simplicity and running it fixed.

I had an idea he was the builder, still can't seem to find an image of a bike with the same decals, were decals a lot more varied back then? Am I likely to find an image of one with identical decals?