Hi madcap,
For myself, the restoration begins with getting the machine to make great coffee again, the rest is up to the individual. My faema is still missing some knobs and maybe there are still some minor leaks but the coffee is wonderful and I am not afraid to scratch it.
The inlet knob was missing and is now a pair of vise grips fastened to the valve where the small lever handle once was and that is my next point of attack. Just got back from the foundry last week with a cast bronze handle and will try and figure out a way to attach it this week. Hopefully I will not have to remove the whole valve from the machine. If so the handle might sit on the driptray and stare at the smiling vise grip for a while. Another minimal restoration rule, If anything is being held by ducttape you have not gone far enough.
So my advice is, Just get the machine to make some espresso. And then while you are drinking the great brew sit back and see what is next. And then when you decide, have another espresso.
Good luck.