I think it would be quicker and easier to sell as option 2, for people who wanna have one for a bit of fun and change a few things to they're liking as its already modified.
Fully restored and original (option 1) is for the more commited people with heated garages and the like who will only use it for half the year probably, believe it would be worth a fair bit more though. Just not sure of costs to bring it back that way and sourcing of parts???