If the wrap is faded, then there really isn't much that you can do. But the thing that's more important to a collector is that the wrap is tight and original. So, just a good cleaning is the best approach, in my opinion.

As far as the interior paint. Again, leave it original even if it's not in the best shape.

Bass drum hoops -okay, I'll probably get an argument on this one, but, again, unless the hoops are REEEEAAAALLLY bad, I leave them alone. I'm not sure of the exact brand of paint but it's a semi-gloss black enamel -likely nothing special.

I approach collecting vintage drums in the same manner that some friends of mine approach collecting vintage guitars. They look for all-original and that's what they will pay extra for. Maybe drums are a bit different, but I'm banking on the chance that in the distant future, drum sets that are completely (and I mean completely) unaltered will be the most sought after ones. I could be wrong.