Doug,
It is hard to recover the costs of refurbishment in a subsequent sale. It is more likely with a private sale, but if you go the eBay route, you also have their commission to consider.
More, it seems people want to see the bike in original livery (even if worn) to grossly verify claims of origin and marque, and if a respray is to be done, they prefer it to be in their chosen color or style. Given this, I'd leave it as-is.
Real-life example: A couple years ago, I put a pre-used frame in a too-large-for-me size on eBay in its original paint, chipped and scratched. I did use automotive wax to make it shiny for the photos, though it didn't help the flaws. The eventual buyer cited this as a primary reason for his purchase: "It's authentic, the scars all mean something". Closing price was within 5% of the average for similar frames in better condition, but I may just been lucky. So many used bike sales depend on timing and that magical match between a desirous buyer and a product they want. Auction fever plays a part as well. There were three bidders in this case, and I think that drove the price up higher than otherwise, given its condition.
Best of luck,
Dan.
