I don't think black lacquer is considered rare. I have an 8-lug black lacquer renown stamped 1952 inside and think that it is less valuable than a wrap finish would be. In the 60's most painted finishes were less expensive (about 10% less) than wrap finish when bought from the factory. And I think black is the most common of the painted finishes (though that is just a guess).

Since there are already extra holes in yours I don't think it would hurt value much to re-wrap. But you should consider two things. First is whether the shell will become so big with the wrap on it that it won't easily accept standard heads. This can sometimes be a problem adding wrap to drums that were originally wood or paint finish and it really sucks if you find out after doing all the work so you need to test for that first. Second is whether you really would prefer the new wrap in, say ten years, or whether you'de wish you had kept it original, battle-scars and all.

Well.....I've mulled it over and I decided to wrap it......white satin flame......should look cool when I'm done. Also, the Yamaha throw is going in the spare parts box and I've decided to use a Gibraltar deluxe generic throw off, since it technically is a Gretsch item on the current non USA custom models, plus the hole pattern is already drilled in the shell, so no extra holes to be drilled (again) and it gets rid of the Yamaha logo on the drum. While its not the correct throwoff for the drum (and I still can't find a correct one) it could be considered current Grestch parts and acceptable as a replacement. Parts should be in by the end of the week, so another weekend project in the works! Excited

Changing the strainer makes sense for a working drum - if you had managed to get a complete renown strainer you probably would have been disappointed since it's a pretty weak design. The wrap will do a good job of covering all the holes - just make sure the extra thickness won't cause the heads to bind.

Good luck. Pics mandatory!