Just my :2Cents: I've always gone by a simple rule: if you can save it, save it. If you can't, you can't. As others have said (and quite rightly), it all depends on what you want from the kit - museum piece or player's set.
Personally, I wouldn't touch that wrap, except for a good clean and buff, and that lifting is not a difficult fix with a bit of glue and clamping, but ultimately it's yours to do with what you will. No-one is here to judge. That's the beauty of this place - you're among friends!
But don't rewrap or we will point fingers and judge you! Laughing H Laughing H