Thanks guys for talking me down from ripping off the original wrap and re-wraping this drum. I put on a Remo Ambassador batter at high tension, an old 1970 Ludwig Weather King resonant at medium, tension and a set of 40 strand wires. It sounds really nice. It might be a little to high, so I'll loosen the top head a little. The drum came with a Slingerland COB stick-saver top hoop, which is probably making the drum sound not as open as a Ludwig hoop. I have to keep telling myself this is a player's drum and it's OK that it's not original. :)
The patch really doesn't show up at a couple feet away and the spot will face backwards when played. So the original wrap is staying.
I'll post pictures of the finished drum tomorrow.
Thank everyone.
-Tim